Nebraska Reverse Mortgage

A Nebraska reverse mortgage allows seniors who live in the state to transform their home equity into a spendable liquid asset.  These mortgages were designed to provide retirees with steady income during the best years of their lives.

Reverse Mortgage Nebraska Information

Many retirees and elderly homeowners have taken advantage of reverse mortgages in Nebraska.  This popularity makes sense when you understand the way a reverse mortgage works.  In short, a lender purchases the value of the home equity from you and makes payments to you in return.  You can receive the money from your lender in a number of ways, which are outlined below.

The best part of a reverse mortgage is that the money you receive can be spent in any way necessary.  It’s your money.  Now that it’s no longer tied up as an investment in a home, you can apply it to any financial obligations or desires you choose.  There is more reverse mortgage information available on our site that can help you make the right financial decision for yourself and your estate.

You can receive your reverse mortgage money in one of several ways.

• You can choose to receive all of it at once, as a lump sum.  This occurs immediately upon the closure of the loan.
• You can choose to receive it bit by bit in payments each month.
• You can use it as a line of credit and borrow money against your home as needed.

You can combine any of the above options to any extent you want.  For example, you can choose to receive a set amount each month but keep the rest in a credit line.  The choice is up to you.

Even though your lender will own the equity of your home, the title or deed of the home will remain in your name.  You will have full ownership of the home until the day you pass away or decide to move into a new home.  When either of these events occurs, the loan amount becomes due.

In the event of your death, your heirs will be obligated to pay back the reverse mortgage.  But this can be easily done by simply selling the home and delivering the funds to the lender.  The law mandates that lenders cannot collect more than what a home is worth at the time of sale, even if the reverse mortgage was taken out for more than this amount.

The HUD’s Frequently Asked Questions page provides additional detailed information on these points and others.

Nebraska Reverse Mortgage Lenders

A reverse mortgage loan is a very simple loan to take out.  The money is all yours and is already in place.  But finding the right lender can be difficult.  This part of the process will require caution and attentiveness on your part.

Reverse mortgages are not the cheapest loans available on the market.  You’ll have to pay an interest rate on your home equity amount, and lenders will charge you origination fees and closing costs to formulate the loan.  Research multiple lenders in your part of Nebraska and find the one that charges the lowest rates and fees.  This is the lender you should work with.

You can get more information about the application process from our reverse mortgage checklist.

About Nebraska

Nebraska is a leading farming and ranching state.  It is an important producer of beef, pork, and corn, but don’t be fooled.  Nebraska has strong financial and service sectors as well.  Omaha is home to Berkshire Hathaway, the CEO of which is the world's second wealthiest man according to Forbes Magazine.  This city is also home to InfoUSA and TD Ameritrade.

Omaha, Lincoln, and Bellevue are the largest and most widely known cities in Nebraska, and many seniors choose to retire in these areas.  Reverse mortgages are available to help you accomplish this dream yourself.

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Lenders in: Nebraska.