If you’re a senior Nevada homeowner who has built equity in your home, it may be possible to tap into this equity via a Reno Nevada reverse mortgage loan. These loans allow seniors to access their home equity without the obligation of making monthly payments; instead, the loan is repaid when the borrower sells their property or passes away.

A reverse mortgage can help Nevada homeowners supplement their retirement income or manage unexpected costs during the final years of their home ownership. However, this type of loan comes with a number of different terms and conditions that must be carefully considered prior to taking out the mortgage. One such term is the “equity advance cap,” which limits the amount of money that can be withdrawn from the loan to a maximum percentage of the home’s appraised value.

Another key term is the “borrower responsibility test,” which states that borrowers must meet certain financial obligations in order to qualify for the loan. These include paying all property taxes and homeowner’s insurance, keeping the home in good condition, and living in the home at least part of the year. The borrower must also meet other requirements outlined in the lender’s program disclosure document.

While a reverse mortgage can be a great solution for many seniors, it is important to consult with a financial expert to ensure that the loan meets your specific goals and objectives. It is also critical to work with a reputable mortgage lender that offers this type of loan. A qualified mortgage expert will take the time to understand your situation and guide you through the process from start to finish.

There are a number of lenders that offer reverse mortgages in Nevada, including those that specialize in this unique loan product. Some of these lenders offer a full range of mortgage products, while others focus on only reverse mortgages. If you’re interested in obtaining a reverse mortgage, it is important to compare quotes from multiple lenders in order to find the best deal.

When comparing quotes, it is important to provide the same information to each lender in order to get an accurate apples-to-apples comparison. Additionally, it’s a good idea to obtain quotes within the same week (ideally Tuesday-Friday). This will ensure that you are comparing the most up-to-date information and rates available. Fairway’s experienced mortgage experts are happy to review all of your quotes and make every effort to meet or beat the competition. We look forward to helping you secure your reverse mortgage! Call today to get started.