Reverse Mortgages Nevada
Longbridge Financial is proud to be a top-rated reverse mortgage lender in Nevada with an A+ rating from the Better Business Bureau. Our reverse mortgage office is located at 8275 South Eastern Avenue, Suite 200, Las Vegas, NV 89123. Our team of reverse mortgage loan professionals can be reached by calling (855) 523-4326.
Longbridge is a HUD-approved reverse mortgage lender and proudly offers both Jumbo Reverse Mortgages (Longbridge Platinum) and Home Equity Conversion Mortgages (HECMs). HECM loans are available to Nevada homeowners who are ages 62 and above, and Longbridge Platinum is available to those homeowners ages 55 and older who have high-value homes and condos.
Top 5 Questions About Nevada Reverse Mortgages
Currently the Federal Housing Administration (FHA) has approved four types of homes as eligible for a reverse mortgage in Nevada. These include HUD-approved condo projects, single-family homes, 2-to-4-unit homes with one unit occupied by the borrower, manufactured homes meeting specific requirements, and individual condominium units meeting FHA Single Unit Approval requirements.
The U.S. Department of Housing and Urban Development (HUD) oversees reverse mortgages and the laws that govern them. Nevada reverse mortgage applicants need to be at least 62 years old, own their home outright (or have a very low mortgage balance), have no delinquent federal debt, be able to keep up on property expenses (taxes, HOA fees, homeowners’ insurance) and live in the home as their primary residence.
Reverse mortgages have a long history of myths and misconceptions—and one of the most common is that with a reverse mortgage, “the bank takes my home!” However, this is just a myth. With a reverse mortgage, borrowers maintain title and ownership of their home as long as they continue meeting loan terms. These terms include paying property taxes, insurance, and home maintenance costs. Truth be told, a reverse mortgage lender doesn’t want your home and has no interest in taking ownership of it.
When considering whether or not to apply for a reverse mortgage, there are several factors to consider. Is your savings large enough for retirement? Can you afford a reverse mortgage? Should you tap into your home’s equity? Since the answers to these questions will vary from person to person, there is not a “standard profile” for who is considered a good applicant. The best place to begin is by reviewing your personal goals and situation with a licensed professional advisor.
Great question! This is the number 1 question our loan professionals are asked. Borrowers usually have a specific need in mind when considering a reverse mortgage. Some want to enhance their retirement with more funds for travel and entertainment, while others are simply looking for the security of a larger nest egg. Whatever your reason, you’ll be happy to know that in 2022, the U.S. government increased the HECM lending limit to $970,800. With the median Nevada home value being over $415,000, many retirees may discover that they have quite a bit of equity available to help supplement their income.
The 2021 U.S. census places the population of Nevada at 3,143,991 with 506,183 of their citizens ages 65 and older. Whether you have lived in Nevada for a long time or have plans to move there, people wanting to retire in The Silver State will find many benefits to take advantage of.
The first would be the taxes seniors can expect. Nevada does not have a state income tax, inheritance tax, or estate tax. Social Security benefits are also not taxed at the state level. Plus, the overall effective property tax rate averages 0.53%.
When it comes to how you can use your reverse mortgage funds, the short answer is they can help pay for anything you would like. There are no restrictions on what the money can be used for, it is yours after all! Below is a short list of some of the more common uses of reverse mortgage funds1 among retired homeowners.
Enhancing Your Retirement
Establishing a financial “safety net” can help create greater peace of mind and serve as a buffer for possible future financial needs. Reverse mortgage funds can also be used to set up a line of credit, helping you be more prepared for unexpected expenses.
Paying Off Debt
With inflation on the rise, most everyone could use a little extra cash to help with regular expenses. Since there are no monthly mortgage payments required2 with a reverse mortgage, many borrowers redirect their budget to pay their credit card balances, everyday expenses, bills, and more.
Helping Family & Friends
Many reverse mortgage applicants want to use the extra cash to help family members and close friends. Helping a child or grandchild purchase their first home, assisting with college tuition, or helping a friend start a business can all be financed with reverse mortgage proceeds.
What we need from our home often changes as we age. Many retirees find that their dream home of 20, 30 or even 40 years might need a few improvements. Better security, improved accessibility, and new smart home features can help equip your home to meet your changing needs. As an added bonus, making long-desired upgrades to your home can help it be more comfortable to live in. A HECM loan can help make these upgrades possible while improving your qualify of life.
There is much more to do in Nevada beyond going to Las Vegas. Nevada is full of natural beauty and is home to 24 state parks and 2 national parks. Valley of Fire State Park in Overton is the state’s oldest and largest park, dedicated in 1935, and is very popular for hiking and nature exploring. The two national parks, Death Valley National Park and the Great Basin National Park, draw millions of visitors annually. If mountain climbing is in your future, Nevada features several mountains over 10,000 feet—the tallest being Wheeler Peak, with a summit reaching 13,065 feet!
Nevada is also home to several highly rated healthcare facilities including Renown Regional Medical Center in Reno, AMG Specialty Hospital in Las Vegas, and Banner Churchill Community Hospital in Fallon.
History buffs will love exploring Nevada’s historical sites. From Fort Churchill in Silver Springs and Stokes Castle in Austin, to the Hoover Dam in Boulder City and Lovelock Cave in Lovelock, Nevada holds plenty of historical sites for you to explore.
Nevada offers several housing options for retired seniors. Whether you’re a Nevada native looking to downsize or are planning to move to the state for the first time, Nevada’s real estate market should have the right home to fit your needs. Inspired by the desert and its Mexican heritage, Nevada offers an eclectic variety of housing styles. Mediterranean, Pueblo, Spanish, Tudor and Tuscan are just a few of the architectural designs you’ll find while home shopping in Nevada.
The state also hosts several 55+ active adult communities. Today’s retirees are choosing these types of developments more often, mostly for the benefits they offer. Modern active retirement communities are very different from those of the past and should not be confused with assisted living or nursing home facilities. These age-restricted neighborhoods offer independent living and help retirees enjoy a more maintenance-free lifestyle. Many seniors also appreciate the social aspect which can come with active adult communities including regular group activities, modern amenities, social functions, and more.
Retirees will find ample opportunities to stay busy when spending their golden years in Nevada. While some love the desert climate and exploring the great outdoors, others prefer to enjoy indoor activities and take their chances with Lady Luck. Whatever brings you to Nevada, there is definitely something for everyone.
Another one for the history lovers, Grapevine Canyon is home to an astounding array of native petroglyphs. Dating back to prehistoric times, the canyon has approximately 300 panels of rock art, some stretching 40 to 50 feet below the sand. Located in the Lake Mead National Recreation Area, Grapevine Canyon attracts roughly 2 million visitors each year.
National Automobile Museum
Though some call it “America’s Garage,” the mission of this museum is to both safeguard automobile artifacts while educating the public. Located in Reno, the museum was founded in 1989 after the passing of Bill Harrah, who had assembled the “largest and most historically significant” collection of cars in the world—reaching 1,400 vehicles at its peak. Guests often flock to the celebrity collection featuring cars from John F. Kennedy, Elvis Presley, Sammy Davis, Jr., and James Dean.
This large freshwater lake straddles the border of Nevada and California and is known for its beaches and ski resorts. Mt. Rose, in particular, attracts more than its fair share of ski and snowboard enthusiasts. Guests at Mt. Rose enjoy the highest base elevation available in Lake Tahoe, coming in at 8,260 feet. With over 60 trails situated on 2,100 acres, there is plenty to explore for beginners and double-black diamond skiers alike!
Ward Charcoal Ovens
Situated like six miniature pyramids rising out of the desert, this Nevada state park draws plenty of tourists and locals throughout the year. These historic charcoal ovens were used from 1876 to 1879 as a tool to process the silver ore discovered in this area. After mining had ended, these gigantic ovens became known hideouts for stagecoach bandits and other outlaws. Along with this attraction, the surrounding park offers camping, fishing, picnicking, hiking, and several OHV trails to explore.
Las Vegas Strip
No list of Nevada attractions would be complete without mentioning the Neon Capital of the World. Although mainly known for its luxury casinos and resorts, Las Vegas has evolved over the years and now offers something for everyone. Top attractions include indoor skydiving, the High Roller Observation Wheel (world’s tallest), Lion Habitat Ranch, Madame Tussauds wax museum, and the Shark Reef Aquarium. Extreme adventure seekers may want to take a leap from Skyjump where you’ll fly 829 feet toward the ground in a controlled descent, reaching speeds of up to 40 mph.
Slightly above the national cost-of-living average, Nevada can be a bit expensive to retire in, depending on where you decide to settle down. Sometimes seniors can find themselves in a situation where their retirement isn’t measuring up to what they had imagined. Although enough may be saved to pay for basic living expenses, some don’t have quite enough to retire the way they would prefer. For many, the answer is reducing their lifestyle or rejoining the workforce. However, if these options don’t sound enticing to you, maybe it’s time to take a look at a HECM loan.
Tapping into the equity in your home’s might help you supplement your retirement income by hundreds of thousands of dollars. The amount of cash you can qualify for depends on the amount of equity in the home, as well as the requirements mentioned earlier needed to secure a Home Equity Conversion Mortgage.
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- The loan balance increases over time as interest on the loan and fees accumulate.
- Real estate taxes, homeowners insurance, and property maintenance required.