Buying a Home in Nevada with a Reverse Mortgage
Nevada Reverse Mortgages
If you are a senior aged 62 or over and are considering relocating to Nevada, or buying a new home better suited to your current or future needs, a Reverse Mortgage Purchase loan could be an ideal solution.
Continue reading to learn about the basic terms and program highlights for Reverse Mortgages in Nevada.
Reverse Mortgages in Nevada
Our seasoned team is dedicated to offering personalized guidance throughout the entire reverse mortgage process, ensuring a successful financial journey in the breathtaking landscapes of Nevada.
Key Considerations for Reverse Mortgages in Nevada:
- Optimizing Down Payment: Leverage the proceeds from your current home’s sale or available cash to make a down payment (typically 40% to 50% of the purchase price) on your new Nevada home.
- Reverse Mortgage Financing: Cover the remaining purchase balance with a Reverse Mortgage or Home Equity Conversion Mortgage (HECM), with surplus funds available for your discretion.
- Homeownership Responsibilities: As a responsible Nevada homeowner, manage property taxes, insurance premiums, and home maintenance while retaining ownership—ensuring control stays with you, not the bank.
- Freedom from Monthly Mortgage Payments: Enjoy the freedom of eliminating monthly mortgage payments on the new loan for as long as you or your spouse (if applicable) reside in the Nevada home.
- Flexible Refinancing or Selling: Experience the flexibility to refinance or sell at your discretion, without incurring penalties, aligning with the dynamic nature of the Nevada real estate market.
For a comprehensive consultation and answers to all your questions about reverse mortgages in Nevada, contact us at 1-866-389-2778. During our discussion, we can address inquiries such as qualification criteria, potential funding amounts, suitability for your circumstances, and details about the reverse mortgage process and available products.
Rest assured, there is no application fee. We eagerly anticipate assisting you with valuable insights tailored to your specific needs. Your financial journey in Nevada begins with Pacific Home Loans.
This material is not from HUD or FHA and has not been approved by HUD or a government agency.
This general information is NOT a substitution for the advice of an attorney, accountant, and/or financial planner. Before you decide to pursue a reverse mortgage, you should carefully consider your individual circumstances so you can make a wise decision about the most valuable asset you may own—your home. Factors to consider include whether the proposed reverse mortgage is a recourse or nonrecourse loan, whether the loan would have a fixed or adjustable interest rate, and/or the current and projected market value of your home.
The lender will charge an origination fee, a mortgage insurance premium, closing costs or servicing fees for the reverse mortgage, all or any of which the lender will add to the balance of the reverse mortgage loan.
The balance of the reverse mortgage loan grows over time and the lender charges interest on the outstanding loan balance.
At the conclusion of the term of the reverse mortgage loan contract, some or all of the equity in the property that is the subject of the reverse mortgage no longer belongs to the person and the borrower may need to sell or transfer the property to repay the proceeds of the reverse mortgage from the proceeds of the sale or transfer or you must otherwise repay the reverse mortgage with interest from other personal assets. In order to retain the home when the reverse mortgage becomes due that (1) the consumer or the consumer’s heirs or estate must pay the entire loan balance and (2) the balance may be greater than the value of the consumer’s home.
The consumer retains title to the property that is the subject of the reverse mortgage until the person sells or transfers the property and is therefore responsible for paying property taxes, insurance, maintenance and related taxes. Failing to pay these amounts may cause the reverse mortgage loan to become due immediately and may subject the property to a tax lien or other encumbrance or to possible foreclosure.
Interest on a reverse mortgage is not deductible from the consumer’s income tax return until the consumer repays all or part of the reverse mortgage loan.
