Top 10 Reverse Mortgage Lenders in Mississippi
We are proud to be Mississippi's #1 rated reverse mortgage lender by the BBB with a Perfect 5.0 stars and A+ review. All Reverse Mortgage® lends in 16 states nationwide, and throughout all of Mississippi state.
All Reverse began in November 2007 and as the name implies, the only loan product that All Reverse Mortgage® originates is the residential reverse mortgage loan.
We offer reverse mortgages to MS Shomeowners and our staff has a combined lending experience exceeding 100 years with national mortgage banking experience on both coasts and points between. Due to this varied direct experience, All Reverse Mortgage® is well positioned to be able to assist borrowers with all specific needs associated with the reverse mortgage program.
Mississippi Reverse Mortgage Facts
||Homeowners Age 62+
||Reverse Mortgages Closed Last 12 Months
||Purchase Reverse Mortgages Closed Last 12 Months
||Lenders in Mississippi
||Avg. Home Value
HUD Approved Direct Lender
All Reverse Mortgage® is approved with the Department of Housing and Urban Development (HUD) to originate, underwrite and close the HUD Home Equity Conversion Mortgage (HECM, or “Heck-um”). The HECM is HUD’s acronym for the reverse mortgage program it administers for seniors who are 62 and older.
All Reverse Mortgage® originates in Mississippi and offers several reverse mortgage options. In some instances, borrowers are looking to pay off their existing loan and eliminate their monthly mortgage payment. Or, if they already have paid off their mortgage, a reverse loan can help borrowers utilize their equity for other purposes. In some cases, borrowers can do both. They also may use a specific type of reverse mortgage to purchase a new home.
About All Reverse Mortgage
The owners and management of All Reverse were part of the team that wrote and sold the first fixed rate jumbo reverse mortgage in 2008 and, as such, have extensive experience in jumbo or proprietary loan programs. We are always looking for new products to offer to borrowers with high valued homes in strong real estate markets where the HUD HECM might not serve well. Jumbo or proprietary programs typically offer lower Principal Limits as they relate to home values, but can offer stronger borrowing power because they are not restricted by the federal loan limit set by HUD.
A seasoned originator can readily inform borrowers about their loan options, and can provide detail on the different options available, so that the borrower can make an informed decision. It is no longer uncommon to find markets where HECMs are most popular located in close proximity to markets where jumbo reverse mortgages are more widely used.
Homeowners aged 62 and older in many markets have seen that the reverse mortgage can be a very solid financial tool, leading to many now seeking the reverse mortgage to augment their retirement plans rather than the last-resort approach more common in the past. Borrowers are using reverse mortgages for many purposes, from the elimination of existing mortgage payments to the line of credit that grows over time, offering more borrowing opportunities in the future.
Reverse mortgage borrowers understand that this program allows them to utilize their homes to not only live comfortably and age-in-place, but to plan for their financial future as well.
Mississippi Lending Limits
Mississippi is the 34th most populous state in the United States and is the 32nd largest in terms of land size. As of 2017, about 2,984,100 people resided in the state, with slightly less than 20% of the population concentrated around the Jackson area. About 462,500 residents in the state are age 65 and older, and about 71% of people in the state are homeowners.
Named after the river of the same moniker, artifacts and earthen mounds show that indigenous people lived in the area for thousands of years. Although the Spanish explored the area in the 1500s, it was the French who set up the first permanent settlement in 1699. Leading up to the Civil War, this top cotton producing state relied heavily on slave labor and seceded from the Union in 1860. Prior to that, Mississippi had become the 20th state in the U.S. in 1817.
Jackson is both the largest city and the state capital of Mississippi with a population of approximately 175,000. Originally settled as a French-Canadian fur trading post, the current city was named after president Andrew Jackson. Over the years, Pine-Sol was invented in the city and the first lung transplant was performed at the University of Mississippi Medical Center there in 1963. Jackson is also home to 13 stops on the Mississippi Blues Trail, which honors the state as the birthplace of the musical genre.
After Jackson, the largest cities are Gulfport, West Gulfport, and Southaven. The largest industries in the state are agriculture, manufacturing, mining, and fishing as it is the nation’s leading shrimp producer. The biggest companies headquartered in Mississippi are Sta-Home Health and Hospice, the state’s official state website ma.gov, and Sanderson Farms. Nissan North America Inc. is the largest private sector employer in the state.
Mississippi has a humid subtropical climate classification, with mild winters and hot, long summers. Rain falls throughout the year, and the state tends to be susceptible to both droughts and floods. January’s average low temperature is 35 degrees Fahrenheit, and July’s average high is 92 degrees Fahrenheit.
The average home value in the state is $123,200 and prices are expected to rise an additional 6% in the next year. Given this average, many homes fall below the federal maximum reverse mortgage lending limit of $726,525 that applies to all HECM loans. For more borrowing power above the federal limit, there are jumbo reverse mortgage programs available.
If you reside in Mississippi, All Reverse Mortgage is here to answer your questions. Access our online calculator or call us Toll Free at (800) 565-1722.
Top 3 Lender Resources in MS:
Top 10 Lender Reviews & Ratings: https://reverse.mortgage/best-reverse-mortgage-lenders
Reversemortgage.org NRMLA Members in Mississippi: https://www.reversemortgage.org/Find-a-Lender/state/MS
HUD.GOV Lenders: https://www.hud.gov/program_offices/housing/sfh/lender/lenderlist