Las Vegas is one of the fastest growing cities in the southwest per US News and World Reports. There is a multitude of reasons why this is and could possibly be on your list of possible locations to move to in the future for retirement.
The extreme heat lasts about four months out of the year as Nevada is essentially a desert, but it is also the #1 city in terms of convention visits and the #1 destination city in the United States for travel. What does this mean for you? This means chances are good that friends and family will come and visit you more now that you are living in Las Vegas. Now the question is, how can you afford a place in Las Vegas?
If you are 62 years or older, you can actually purchase a home in the Las Vegas region with a reverse mortgage. As an example, let’s say you live in Minneapolis, MN right now. You sell your house for $150,000 and decide that Las Vegas would be an upgrade from the horrible Minnesota winters. You find a spacious house in the Summerlin area of Las Vegas for $200,000. You can purchase the house outright, or you can put down a down payment of approximately $110,000 and keep the remaining $40,000 from the home you sold in Minneapolis. You would not need to make another mortgage payment for as long as you are in the home.* Just like a standard mortgage, you would still need to maintain the home and pay your property taxes and insurance.
Las Vegas has many amenities that other cities and states lack. There is no state income tax, home prices are relatively affordable, and the cost of living is comparable to the rest of the nation (as opposed to living in a state like California or New York). Las Vegas also affords you the ability to experience many of the world’s cuisines, from Italian fare at the Venetian and Parisian desserts in Paris to the infamous New York style pizza at New York New York.
Another added benefit to Las Vegas is that our company has a group of licensed reverse mortgage experts in Nevada, who can meet with you about your purchase needs. They can walk you through the actual process of purchasing a home with a reverse mortgage product face to face.
In the meantime, you can take a look at a list of our reverse mortgage experts in Nevada and communicate with them directly.
*Homeowner is still responsible for taxes, insurance and property maintenance.