Free Reverse Mortgage PDF's
New Mexico Reverse Mortgage Directory
New Mexico Reverse Mortgage Specialists
Welcome to the New Mexico reverse mortgage directory. We are currently accepting listings in our Reverse Mortgage Directory for each state. If you are a New Mexico reverse mortgage broker or reverse mortgage lender, and want listed in the direcoty, please Contact Us for listing details and costs.
Understanding the New Mexico Reverse Mortgage
The reverse mortgage, often referred to as the Seniors Reverse Mortgage is a unique type of loan product that directly benefits seniors during their retirement years. The New Mexico Reverse Mortgage is growing in popularity, as is the Reverse Mortgage in general. Proof of this growing popularity can be found from the below numbers (as brought to you by NRMLA the National Reverse Mortgage Lenders Association.)
- 2005 - 48,493 homeowners took out a reverse mortgage
- 2006 - 86,639 homeowners took out a reverse mortgage
- 2007 - 132,252 homeowners took out a reverse mortgage
There are a variety of New Mexico reverse mortgages available. The most popular Reverse Mortgage in New Mexico is the HECM. HECM stands for Home Equity Conversion Mortgage, and is usually what homeowners decide on when they consider getting a Reverse Mortgage. New Mexico reverse mortgages are fairly easy to obtain.
NM Reverse Mortgage Requirements:
- >>Borrowers must be Age 62 years or older
- >>Own their home and have enough equity in to qualify
- >>Occupy the home as primary residence
- >>Receive counseling by an approved HUD/FHA counselor
- >>The home must be in reasonably good repair
Revere Mortgage Resources
We do not make loans. If there is not a licensed representative in your area feel free to inquire with HUD, or the mortgage regulatory body in your state for more information on reverse mortgages. You may also contact the National Reverse Mortgage Lenders Association, or "NRMLA" for a licensed representative in your state.
