Top 10 Reverse Mortgage Lenders in Arkansas

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Arkansas Lending Limits

Arkansas ranks as the 32nd most populous state in the U.S. and the 29th largest in terms of land size. As of 2017, about 3,004,279 people resided in the state, with 498,710 aged 65 and older. About 65% of people in the state are homeowners.

Named for the native Quapaw word for “south wind,” Arkansas was first explored by Europeans when the French came in the late seventeenth century. The area was purchased by the United States as part of the Louisiana Purchase and officially became a state in 1836. During the Civil War, the state fought for the South and withdrew from the United States to be a member of the Confederacy.

Little Rock is both the state capital and Arkansas’ largest city with an estimated population of 196,188. Along with being the former home of Bill and Hillary Clinton, the city is known for the “Little Rock Nine,” a group of black students who famously were escorted into a newly integrated high school by the National Guard. The notable event followed Brown v. the Board of Education, which ruled segregation to be illegal. A statue dedicated to the students stands on the state capitol grounds. Little Rock is also home to the nation’s only purse museum.

The next largest cities in the state are Fort Smith, Fayetteville, and Springdale, which are all located around the northwest corner of the state. Hot Springs, with its national park of the same name, is known for the natural healing hot springs and the bathhouses and spas and built around them. Another city, Bentonville, boasts being the birthplace of Walmart. The largest industries in Arkansas are agriculture, transportation and logistics, and food manufacturing. It’s biggest companies are Dillard’s, Sam’s Club, and J.B. Hunt Transport Services.

Arkansas experiences all four seasons, with snow in the winter and occasional thunderstorms in the warmer months. The state is classified as having a humid subtropical climate, with the southern half warmer and more humid than the more mountainous and hilly north. With the four seasons, temperatures can vary wildly, with an annual average high of 92 degrees Fahrenheit and an average low of 32 degrees Fahrenheit.

The average home value in the state is $121,800, and prices are projected to rise an additional 8.5% in the next year. Given this average, many homes fall below the federal maximum reverse mortgage lending limit of $970,800 that applies to all HECM loans. For more borrowing power above the federal limit, there are jumbo reverse mortgage programs available.

Also See:
Reversemortgage.org NRMLA Members in Arkansas
HUD.GOV Approved Lenders Search