Compare Nevada's Best Reverse Mortgages
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Top 10 Reverse Mortgage Lenders in Nevada
|Lender Name||Years in Business||Rating||Stars (0-5.0)||Positive Reviews||Complaints||BBB Reviews|
|Longbridge Financial, LLC||6||A+||3.5||70%||2||Source|
|American Advisors Group (AAG)||14||A-||4.1||82%||53||Source|
|Reverse Mortgage Funding LLC||6||A+||3.0||50%||8||Source|
|One Reverse Mortgage, LLC (QUICKEN)
|Liberty Home Equity Solutions, Inc. (OCWEN)||15||A+||2.1||42%||2||Source|
|Retirement Funding Solutions (RFS)||9||A+||(N/A)||(N/A)||1||Source|
|Fairway Independent Mortgage||23||A+||2.1||42%||21||Source|
|HighTech Lending Inc.||13||A-||2.0||60%||2||Source|
|Finance of America Reverse LLC (FAR)||15||A+||1.0||20%||2||Source|
Nevada Reverse Mortgage Facts
|State||Homeowners Age 62+||Reverse Mortgages Closed Last 12 Months||Purchase Reverse Mortgages Closed Last 12 Months||Lenders in Nevada||Avg. Home Value|
Nevada Lending Limits
Nevada is the 33rd most populous state in the nation and the seventh largest in terms of land area. About 2,998,039 people called the state home in 2017, and most of them live around Las Vegas. Of the state’s total population, 496,565 were estimated to be 62 and older in 2016. About 55% of the population is a homeowner.
Multiple native tribes inhabited this land for at least 10,000 years before Europeans came. The Spanish were the first new explorers and claimed the area as part of New Spain. It later became part of Mexico when the country gained independence in 1821. The territory changed hands to the U.S. following the Mexican-American War. Nevada became the 36th state in 1864.
Las Vegas is the largest city in the state, with more than 2 million residents in its metro area. Once a desert town for ranchers and railroad workers, it quickly became known for its casinos and quick marriages and divorces in the first half of the 1900s. Today, it brings in millions of tourists every year for gambling, entertainment, and other thrills. Among those from Vegas are tennis star Andre Agassi and the rock band the Killers.
Much of Nevada is desert, and it is known as the driest state in the U.S. The average high is 90 degrees Fahrenheit and the average low is 22 degrees Fahrenheit. In the west the summers are short and hot, but the winters do not get very cold.The south has, hot, long summers, and winters are short and mild. Extreme temperatures have spiked at 120 degrees Fahrenheit and dipped to negative 50 degrees Fahrenheit.
Outside of the Las Vegas metro area, which boasts many of the biggest cities in the state, the next largest city is Reno. A literal goldmine, Nevada is one of the largest producers in the world of this precious metal. Las Vegas’ thriving tourism is the basis for many the largest companies in the state, such as MGM Resorts International and Las Vegas Sands. Johnson Electric is the third largest.
The average home value in the state is $278,000, and prices are expected to rise an additional 11.9% in the next year. Given this average, many homes fall below the federal maximum reverse mortgage lending limit of $822,375 that applies to all HECM loans. For more borrowing power above the federal limit, there are jumbo reverse mortgage programs available.
Nevada Approved Reverse Mortgage Counseling AgenciesNo agencies currently available
Did you know? Nevada 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.