A Brief Guide for Senior Borrowers

An important component of a successful reverse mortgage is a reputable and experienced lender. There are literally dozens of qualified mortgage lenders in Nevada. So how do you find them and what do you need to know when you start out?

Nevada FHA Lender Loan Limits

High-dollar property is on the rise in Nevada as reflected in the county FHA mortgage limits. One of the factors in a federally insured reverse mortgage is the borrower’s county FHA limit. The HUD HECM is the number one reverse mortgage in the country. Over 90% of borrowers have this product. The FHA limits suffice for most average senior homeowners.

Nevada county FHA limits vary drastically, from those that are a match to the national average, as well as those set significantly higher—up to $200,000 higher. The highest FHA limits are found in the Reno-Sparks, Garnerville Ranchos, Las Vegas and Carson City areas.

Senior borrowers that meet local FHA limits usually find the HECM a fit for their financial situation and future goals. For homeowners whose home values fall well outside the FHA limits there are lenders that offer the Fannie Mae Home Keeper, which is packaged with a higher limit AND is available to condo owners, or a proprietary jumbo reverse product that may impose no limits.

Nevada HUD Lenders

If over 90% of all reverse mortgages are the federally insured HECM then where does a borrower locate a HUD lender they can trust?

HUD is not a lender. The agency is part of the federal government and it administers the program and oversees many other aspects of the national housing sector. What HUD does offer borrowers though is a free list of HUD-approved HECM lenders. These lenders may be searched for by state.

*Never pay anyone for a HUD lender list. This is a scam. HUD lender lists are free, either from the HUD website or from a HUD mortgage counselor.

Single Reverse Mortgages in Nevada

In over half of all states eligible senior homeowners are offered a type of single purpose reverse mortgage that gives them access to cash for common and necessary expenses especially property taxes and home repairs.

  • The Senior Citizens Property Tax Assistance Act is not a single purpose reverse mortgage, but a property tax rebate. The Nevada Division for Aging Services administers the program.
  • The Rural Nevada Development Program administers a property rehabilitation program either as a deferral loan as a lien against the homeowner’s home or as a grant that is waived after 3 to 5 years. The deferral loan is offered interest-free and is not limited to senior citizens.

General Reverse Mortgage Providers in Nevada

Nevada has a plentiful supply of financial lenders including HUD lenders. Here is a sample that is representative of the types of reverse mortgage lenders available to assist borrowers in their area.

Evofi One

This mortgage originator offers a wide array of all types of mortgages including fixed and adjustable rate mortgages, balloon mortgages and reverse mortgages. Evofi is a HUD-approved lender and provides a range of reverse mortgage alternatives to fit every homeowner and financial goal.

Land of Oz, Inc.

Unique for its name, this locally owned Reno-based company specializes in affordable mortgages. Land of Oz is a HUD-approved lender.

Nevada State Bank

As a retail banking institution, Nevada State Bank provides a wide range of products and services to its customers, including checking and savings, business accounts, wealth management and investing and mortgages, including reverse mortgages.

Wells Fargo

Wells Fargo is available to customers nationwide. The mortgage division offers both the HUD Home Equity Conversion Mortgage as well as the Fannie Mae Home Keeper.