Nevada Reverse Mortgage LendersNevada's low cost of living and lack of income tax is why the state is a popular choice for snowbirds (seniors who move to a warmer state from the Northeast and Midwest in the winter) and seniors in general. Everyone knows about Las Vegas, but cities such as Reno and Henderson are also popular. Also known as home equity conversion mortgages, reverse mortgage loans are very popular among seniors who are house rich but cash poor. They use the money to pay for medical expenses, home improvements to retro fit their home to accommodate wheel chairs and make it more senior friendly.
- The eldest borrower on the loan must be at least age 62 or older
- Complete a reverse mortgage counseling session from a HUD approved counselor.
- Must have enough equity in the property
- Property must be a single-family home, townhome, HUD approve condo or certain manufactured homes. Co-ops are not eligible for a reverse mortgage.
Featured Nevada Reverse Mortgage Lender
NOVA Home Loans
American Pacific Reverse Mortgage Group
Proficio Mortgage Ventures, LLC
Most Loans By City in NevadaBelow are the most popular cities in Nevada with the number of HECM reverse home loans originated since 2017. As you can see, it is no surprise that Las Vegas tops the list. Not too far behind are Reno, Henderson, Sparks and North Las Vegas. The average initial principal limit varies from city to city. This amount depends on the age of the borrower, property value and equity in the property. For instance, in Reno, the average initial principal limit was $220,288 and in Carson City, the average was $187,768 but over in Las Vegas, the average initial principal amount was $161,349.
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Source: U.S. Department of Housing and Urban Development