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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 New Mexico: A Comprehensive Guide
If you’re a New Mexico 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 New Mexico, including key facts, the latest statistics, top lenders, and essential protections.
Top Reverse Mortgage Lenders in New Mexico
| 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 New Mexico Reverse Mortgage Statistics
| State | Homeowners Age 62+ | Reverse Mortgages Closed Last 12 Months | Lenders in New Mexico | Avg. Home Value |
|---|---|---|---|---|
| New Mexico | 320,000 | 145 | 19 | $302,401 |
Loan Type: HECM Standard Loans Originated in New Mexico
Performance Period: Loans endorsed between January 1, 2024, and December 31, 2024
Note: Includes all HECM Standard cases within the specified endorsement period.
New Mexico Reverse Mortgage Lending Limits
New Mexico is the 36th most populous state in the U.S. and the 5th largest in terms of land size. As of 2024, approximately 2.1 million people reside in the state, with around 352,883 residents being aged 65 and older. About 66.6% of New Mexicans are homeowners, creating a large potential population that could benefit from reverse mortgage opportunities.
Historical and Cultural Overview
New Mexico is known for its rich Native American heritage, with archaeological evidence showing habitation dating back to 9200 BC. The Pueblo people were well-established in the region by the time Spanish explorers arrived in the late 1500s. Over the next 200 years, the area changed hands from Spain to Mexico and eventually to the United States following the Mexican-American War. New Mexico became the 47th state in 1912.
Key Cities and Economic Overview
Albuquerque, the largest city in the state, boasts a population of 555,400 as of 2024. Known for its famous International Balloon Fiesta, the city is situated along the Rio Grande River and was originally founded as a Spanish outpost in the early 1700s. The city has seen significant growth since the 1960s, bolstered by its proximity to Route 66 and atomic research laboratories. Microsoft even got its start here in the 1970s, and the city gained international recognition as the filming location for Breaking Bad.
Other major cities include Las Cruces, Rio Rancho, and Santa Fe, the state’s capital and a haven for artists. Santa Fe is the oldest state capital in the U.S., founded in 1608. Nearby, Los Alamos is known as the birthplace of the atomic bomb, while Roswell is famed for its connection to UFO sightings. New Mexico’s economy thrives on oil and gas production, tourism, film, and retail, with federal government employers such as Sandia National Laboratories and the military playing significant roles. The largest employers in the state include Los Alamos National Security LLC, University of New Mexico, and New Mexico State University.
Climate and Lifestyle
New Mexico’s climate is a blend of arid and semi-arid continental, with wide-ranging terrain from mountains to deserts. Weather can vary significantly across the state. Some areas receive less than 10 inches of rainfall annually, while others get over 20 inches. Snowfall can range from three inches to over 100 inches depending on the location. The state experiences hot summers, with an average high of 86°F in July, and cold winters, with an average low of 17°F in January.
Reverse Mortgage Opportunities in New Mexico
As of January 2025, the average home value in New Mexico is $302,401, and home prices are expected to increase by another 2% in the coming year. Many homes in New Mexico fall under the federal maximum reverse mortgage lending limit of $1,209,750, making most properties eligible for HECM (Home Equity Conversion Mortgage) loans. For homeowners with higher-value homes, jumbo reverse mortgage programs are available, allowing for increased borrowing power beyond the federal limit.
New Mexico Approved Reverse Mortgage Counseling Agencies
| Name | Agency ID | Address | Phone | Web Site |
|---|---|---|---|---|
| MONEY MANAGEMENT INTERNATIONAL - ALBUQUERQUE, NM - CENTRAL | 82684 | SUITE 107 2727 SAN PEDRO DR NE ALBUQUERQUE, NM 87110-3368 | (866) 232-9080 | http://www.moneymanagement.org |
| SANTA FE COMMUNITY HOUSING TRUST | 82669 | STE 101 6005 JAGUAR DR SANTA FE, NM 87507-1719 | (505) 412-2888 | http://www.housingtrustonline.org |
Did you know? New Mexico 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 New Mexico
HUD.GOV Approved Lenders Search
