Find the Best Reverse Mortgage Lenders in Las Vegas, NV

How to choose a reverse mortgage lender in Las Vegas

In 2017, the national average for home equity gain per household – meaning how much the equity had risen from the previous year – was $15,000. In Nevada, the average equity gain per household was $27,000, or nearly twice the national average. Only California and Washington saw sharper rises. Nevada is booming again, especially in urban areas such as Las Vegas.

For people who own their homes outright, the current seller’s market opens the door for financial opportunities, such as reverse mortgages, that can make day-to-day living in Las Vegas more comfortable. There are many factors to consider when deciding if a reverse mortgage is the best decision for you, including:

• Eligibility. Not everyone qualifies for a reverse mortgage. You must be 62 or older and own your home. Even then, other requirements may apply.
• Financial need. If you have medical or other debts to pay off, tapping into your home equity can be worthwhile.
• Transiency. Homeowners who plan on moving or selling their home soon are not good candidates for reverse mortgages. For a reverse mortgage, you must reside in the home.
• Inheritance. People who want a home to stay in the family after their death may wish to consider other options, as the person who inherits the home would need to pay back the reverse mortgage.
• Fees. There are closing costs and additional fees associated with reverse mortgages.

Seniors in Las Vegas, especially those who already own real estate, have a variety of retirement living options. Almost all master-planned communities – including Providence, Summerlin, Mountain’s Edge and Anthem – have low-maintenance, age-restricted neighborhoods for people older than 55. Many residents purchased homes in these neighborhoods after selling larger familial homes. If these people find themselves in need of additional cash to supplement their retirement income, a reverse mortgage may be the answer.

Qualified financial experts can help further explain the pros and cons of seeking a reverse mortgage in Las Vegas. It’s important for seniors to fully understand the terms of reverse mortgages. Nevada’s Consumer Affairs Division has issued warnings about reverse mortgage frauds. They say seniors and their families should be on the lookout for the following red flags, which may suggest a scam:

• Charging for free reverse mortgage information
• Downplaying preloan counseling or not providing it
• Forgery