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Nevada Reverse Mortgage Facts

Nevada Reverse Mortgage Lending Limits

Nevada is the 33rd most populous state in the U.S. and the 7th largest in terms of land area. As of 2024, approximately 3.18 million people reside in the state, with a significant portion of the population concentrated around Las Vegas. Of the state’s total population, around 500,000 residents are aged 62 or older. Homeownership in Nevada stands at around 55%, creating a substantial pool of residents eligible for reverse mortgage opportunities.

Historical and Cultural Overview

For at least 10,000 years, Nevada was inhabited by multiple Native American tribes before the arrival of European explorers. The Spanish were the first Europeans to claim the area, incorporating it as part of New Spain. The territory later became part of Mexico and was ceded to the United States after the Mexican-American War. Nevada was admitted as the 36th state in 1864, during the Civil War.

Key Cities and Economic Overview

Las Vegas, the largest city in Nevada, has a metropolitan population exceeding 2 million. Originally a small desert town, Las Vegas transformed in the early 20th century into the entertainment capital of the U.S., known for its casinos, nightlife, and quick marriages and divorces. Today, the city draws millions of tourists each year for gambling, concerts, and conventions. Famous residents from Las Vegas include tennis legend Andre Agassi and the rock band The Killers.

Outside of Las Vegas, Nevada’s other significant city is Reno, known as “The Biggest Little City in the World.” Nevada is a top producer of gold, making it an economic powerhouse in mining. Tourism dominates Nevada’s economy, with companies like MGM Resorts International and Las Vegas Sands among the largest employers in the state. Johnson Electric is another significant employer.

Climate and Geography

Nevada is the driest state in the U.S., with much of the land classified as desert. The climate varies between the northern and southern regions, with long, hot summers and mild winters in the south, and shorter, cooler summers in the north. The average high temperature reaches 90°F in the summer, while winter lows average around 22°F. However, extreme temperatures have ranged from 120°F to -50°F.

Reverse Mortgage Opportunities in Nevada

As of January 2024, the average home value in Nevada is $432,600, which is below the federal maximum reverse mortgage lending limit of $1,209,750. This makes many homes in Nevada eligible for HECM (Home Equity Conversion Mortgage) loans. For homeowners with properties exceeding the federal limit, jumbo reverse mortgage programs are available to provide more borrowing power.

Nevada Approved Reverse Mortgage Counseling Agencies

Did you know? Nevada 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.

Additional Resources:
Reversemortgage.org NRMLA Members in Nevada
HUD.GOV Approved Lenders Search