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Michael G. Branson, CEO of All Reverse Mortgage, Inc., and moderator of ARLOâ„¢, has 45 years of experience in the mortgage banking industry. He has devoted the past 20 years to reverse mortgages exclusively. (License: NMLS# 14040) |
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All Reverse Mortgage's editing process includes rigorous fact-checking led by industry experts to ensure all content is accurate and current. This article has been reviewed, edited, and fact-checked by Cliff Auerswald, President and co-creator of ARLOâ„¢. (License: NMLS# 14041) |
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Michael G. Branson, CEO of All Reverse Mortgage, Inc., and moderator of ARLOâ„¢, has 45 years of experience in the mortgage banking industry. He has devoted the past 20 years to reverse mortgages exclusively. (License: NMLS# 14040) |
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All Reverse Mortgage's editing process includes rigorous fact-checking led by industry experts to ensure all content is accurate and current. This article has been reviewed, edited, and fact-checked by Cliff Auerswald, President and co-creator of ARLOâ„¢. (License: NMLS# 14041) |
Michael G. Branson
Cliff AuerswaldReverse Mortgages in Mississippi: A Comprehensive Guide
If you’re a Mississippi homeowner aged 62 or older, a reverse mortgage could be a valuable tool to help you unlock the equity in your home and improve your financial security during retirement. In this guide, we’ll cover everything you need to know about reverse mortgages in Mississippi, including key facts, the latest statistics, top lenders, and essential protections.
Top Reverse Mortgage Lenders in Mississippi
| Lender | Rating | Years in Business | Stars (0-5) | Good Review % | Complaints | Source |
|---|---|---|---|---|---|---|
| Advisors Mortgage Group | A+ | 25 | 1.00/5 | 20.0% | 6 | Source |
| Atlantic Avenue Mortgage LLC | B+ | 2 | 4.94/5 | 98.8% | 2 | Source |
| American Pacific Mortgage | F | 28 | 2.00/5 | 40.0% | 13 | Source |
| Ennkar Inc. | A+ | 14 | 4.00/5 | 80.0% | 2 | Source |
| Fairway Independent Mortgage | A+ | 28 | 4.39/5 | 87.8% | 33 | Source |
| Finance of America Reverse LLC (FAR) | A+ | 21 | 1.00/5 | 20.0% | 34 | Source |
| GoodLife Home Loans | A+ | 12 | 5.0/5 | 88.6% | 0 | Source |
| Guild Mortgage Company (Formerly Cherry Creek LLC) | A+ | 64 | 1.36/5 | 27.2% | 33 | Source |
| HighTechLending Inc | A+ | 18 | 4.93/5 | 98.6% | 1 | Source |
| Liberty Home Equity Solutions Inc. | A+ | 21 | 1.00/5 | 20.0% | 2 | Source |
| Longbridge Financial LLC | A+ | 12 | 3.69/5 | 73.8% | 21 | Source |
| Mid America Mortgage Inc. | A+ | 66 | NA | NA | NA | Source |
| Moneyhouse | NR | 27 | NA | NA | 0 | Source |
| Movement Mortgage, LLC | A+ | 17 | 4.81/5 | 96.2% | 107 | Source |
| Mutual of Omaha Mortgage | A+ | 11 | 1.48/5 | 29.6% | 46 | Source |
| Open Mortgage LLC | A+ | 22 | 3.0/5 | 60.0% | 1 | Source |
| Plaza Home Mortgage Inc | A+ | 24 | 2.69/5 | 53.8% | 13 | Source |
| Smartfi Home Loans | A+ | 5 | NA | NA | 0 | Source |
| South River Mortgage, LLC | A+ | 5 | 3.49/5 | 69.8% | 13 | Source |
Latest Mississippi Reverse Mortgage Statistics
| State | Homeowners Age 62+ | Reverse Mortgages Closed Last 12 Months | Lenders in Mississippi | Avg. Home Value |
|---|---|---|---|---|
| Mississippi | 564,000 | 75 | 12 | $177,919 |
Loan Type: HECM Standard Loans Originated in Mississippi
Performance Period: Loans endorsed between January 1, 2024, and December 31, 2024
Note: Includes all HECM Standard cases within the specified endorsement period.
Mississippi Reverse Mortgage Lending Limits
Mississippi, the 34th most populous state in the United States, has a population of approximately 2.98 million as of 2024. Around 471,000 residents are aged 65 and older, making many of them potential candidates for a reverse mortgage. With a homeownership rate of about 71%, Mississippi homeowners have substantial opportunities to tap into their home equity through a reverse mortgage.
Home Values and Reverse Mortgage Opportunities
As of January 2024, the average home value in Mississippi is $248,000, which is below the federal reverse mortgage lending limit of $1,209,750 for HECM (Home Equity Conversion Mortgage) loans. For homes valued above this limit, jumbo reverse mortgage programs are available, offering greater borrowing power for Mississippi homeowners with higher-value properties.
Historical and Economic Background
Named after the Mississippi River, the state has a rich history, with evidence of indigenous people living in the region for thousands of years. Although Spanish explorers visited the area in the 1500s, it was the French who established the first permanent settlement in 1699. Mississippi became the 20th state in the U.S. in 1817 and later seceded from the Union in 1860 as a major cotton producer that relied on slave labor.
Jackson, the state capital and largest city, is home to approximately 175,000 people. It was named after President Andrew Jackson and was originally settled as a French-Canadian fur trading post. Jackson is also known for being the place where Pine-Sol was invented and where the first lung transplant was performed at the University of Mississippi Medical Center in 1963. The city is also central to the state’s music history, with 13 stops on the Mississippi Blues Trail.
After Jackson, the largest cities in Mississippi include Gulfport, West Gulfport, and Southaven. Mississippi’s economy is heavily reliant on agriculture, manufacturing, mining, and fishing, with the state being the nation’s top producer of shrimp. Some of the state’s largest employers include Nissan North America Inc., Sta-Home Health and Hospice, and Sanderson Farms.
Mississippi’s Climate
Mississippi has a humid subtropical climate, with mild winters and long, hot summers. The state experiences rain year-round and is prone to both droughts and floods. The average low temperature in January is 35°F, and the average high temperature in July is 92°F.
Reverse Mortgage Benefits for Mississippi Homeowners
Given the average home value of $248,000, many Mississippi homes fall below the federal reverse mortgage lending limit of $1,209,750, making HECM loans a practical option for many homeowners. For those with higher-value homes, jumbo reverse mortgage programs are available to provide additional borrowing power.
Mississippi Approved Reverse Mortgage Counseling Agencies
| NO RECORDS MATCHED YOUR SELECTION CRITERIA |
Did you know? Mississippi State does not mandate in-person counseling. Visit our counseling page for a list of phone-based counseling agencies and conduct your required counseling from the comfort of your home.
Top Lender Resources in MS:
Reversemortgage.org NRMLA Members in Mississippi
HUD.GOV Approved Lenders Search
