Top 10 Reverse Mortgage Lenders in Louisiana

Louisiana Lending Limits

Louisiana is the 25th most populous state the in the nation and the 31st largest in terms of land area. Most of its 4,684,333 residents are densely populated around its major cities, such as its largest city New Orleans. As of 2010, Louisiana had 697,165 people aged 62 and older, and 67% of the state’s residents owned their own home.
 
In the 17th century, the French were the first to colonize the area, naming the land after their King Louis XIV. It became a U.S. territory when it was acquired as part of the Louisiana Purchase in 1803 and entered statehood in 1812.

One of the most important port cities on the Gulf, New Orleans was established in 1718.
It is the largest city in Louisiana, and its greater metropolitan area is home to 1.285 million people, as of 2016. Famous for its Mardi Gras festival, New Orleans brings in 18 million visitors and $9 billion in 2017. A melting pot of its French, African, Spanish, German, and Canadian influences, the state is known for Its Creole and Cajun cultures. Louisiana is also home to the longest bridge over water in the world - the 24-mile-long Lake Ponchartrain Causeway.

Because of its location on the Gulf coast, Louisiana has a steady semi-tropical climate, with heat and humidity increasing the closer you get to the water. The state has an average annual high of 91 degrees Fahrenheit, an average low of 45 degrees Fahrenheit, and is vulnerable during hurricane season. The area continues to recover from 2005’s Hurricanes Katrina and Rita.

After New Orleans and Baton Rouge, the next biggest cities in the state are Shreveport and Lafayette. Louisiana has lucrative gas and petroleum industries, and is the number one producer of crawfish in the world. Among large companies that call the state home are CenturyLink and Ochsner Health System. It’s also welcomed the film industry. Various movies and TV shows have shot there, including True Blood and Duck Dynasty.

The average home value in the state is $145,600, and prices are expected to rise an additional .1% in the next year. Given this average, many homes fall well 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.