Top 10 Reverse Mortgage Lenders in New Mexico

New Mexico Lending Limits

New Mexico facts

New Mexico ranks as the 36th most populous state in the U.S. and the fifth largest in terms of land size. As of 2017, about 2,088,070 people resided in the state, with 352, 883 residents being 65 and older. About 66.6% of people in the state are homeowners.

Still know for its rich Native American influence, archaeological evidence shows that the area has been inhabited since about 9200 BC. When Spanish exploration began in the late 1500s, the Pueblo people were firmly established in the region. During the next 200 years, the area would change hands from Spain to Mexico and finally to the United States as a result of the Mexican-American War. New Mexico became the 47th state in 1912.

Albuquerque, famous for its annual balloon fiesta, is the largest city in the state with a population of 555,400. Located along the Rio Grande River, it was established as a Spanish outpost in the early 1700s. Thanks to it positioning along Route 66 and its proximity to atomic laboratories, the population was growing rapidly by 1960. Since then, Microsoft got its start in Albuquerque in the 1970s, and more recently, it was the shooting location for the television show Breaking Bad.

The next largest cities in the “Land of Enchantment” are Las Cruces and Rio Rancho. State capital and artist haven Santa Fe is the fifth largest city and the oldest state capital in the U.S., having been founded in 1608. Nearby Los Alamos is the birthplace of the atomic bomb. The sixth largest city, Roswell, is home to purported extraterrestrial evidence. The main industries in the New Mexico are oil and gas production, tourism and retail, and film. Federal government-funded employers, such as Sandia National Laboratories and the military, are also driving economic forces in the state. The largest employers in the state are Los Alamos National Security LLC, the University of New Mexico, and New Mexico State University.

With a terrain that varies from mountainous to the desert, this state has an arid or semiarid continental climate. Like the landscape itself, the weather differs wildly depending on the location. Rainfall average are at less than 10 inches in some places and more than 20 at others. Snowfall averages fall between three inches and more than 100 in some locations. The state’s average high temperature in July is 86 degrees Fahrenheit, and the average low in January is 17 degrees Fahrenheit.

The average home value in the state is $186,600, and prices are expected to rise an additional 2% in the next year. Given this average, many homes fall below the federal maximum reverse mortgage lending limit of $1,089,300 that applies to all HECM loans. For more borrowing power above the federal limit, there are jumbo reverse mortgage programs available.