It's helpful to work with reverse mortgage licensed specialists in the area because they understand the real estate environment in your state. Please fill out the form on this page to have a reverse mortgage specialist contact you. And of course, if you have any questions about applying for a reverse mortgage in Nevada, don't hesitate to contact one of our specialists at any time.If you live in Nevada and are 62 or older, you may want to consider a reverse mortgage. Nevada residents like you are using reverse mortgages to pay off medical bills, perform home renovations, and enjoy life without the financial burden of a monthly mortgage payment.*
Why Apply for a Reverse Mortgage?Nevada residents have many reasons to consider a reverse mortgage, or HECM, but ultimately it comes down to two factors: financial security and quality of life. Living on a limited budget can be stressful. Many seniors living with financial pressure have no idea the home equity they fought so hard to build is sitting idle. Reverse mortgage borrowers gain access to that equity as a line of credit, monthly disbursement, lump sum payment, or some combination of the three. Also known as a home equity conversion mortgage, a reverse mortgage can use your existing equity to pay off your remaining mortgage, with any remaining money available for you to use however you like. The loan does not come due until you sell the home, no longer live in the home, or pass away. However, you are still required to pay property taxes, insurance, and home maintenance costs.
Types of Reverse MortgagesNevada residents can choose from three types of HECMs, which are all insured by the federal government. A fixed term reverse mortgage locks the loan interest rate in at the time of closing and makes a lump sum disbursement of money once the loan closes. Featuring a variety of disbursement options, the HECM line of credit distributes proceeds through a draw on the line of credit at closing, through monthly payments, or through full access to your line of credit when you need it. The third option offered by One Reverse Mortgage is a reverse mortgage for purchase. This option makes it possible for seniors to purchase a home with no monthly payments and gives borrowers the option to purchase a home suited to their needs or a home that is closer to family.
Finding Reverse Mortgage Specialists in NevadaIt's generally best to negotiate with local reverse mortgage licensed specialists, as they better understand the real estate environment in your own state. If you have any questions about applying for a reverse mortgage in Nevada, please fill out the form on this page to have a reverse mortgage specialist contact you.
*Homeowner must still maintain the property, pay homeowners insurance, and property taxes to avoid foreclosure.