In 2024, there were 18 active reverse mortgage loans in Sierra County, New Mexico. The average home value in Sierra County is $158,954.39.

Click here to get a reverse Mortgage Quote in Sierra County, New Mexico

To avoid scams, make sure you are working with a licensed lender in New Mexico. South River Mortgage is a fully licensed lender in New Mexico. The NM state regulator requires mortgage lenders to be explicitly approved to make loans and hold a license. South River Mortgage proudly holds the Mortgage Loan Company License in NM, and our state license identifier is 1854525.  We also maintain active approval with HUD/FHA.

Reverse Mortgage Loans in Sierra County

Sierra County, located in the state of New Mexico, is a charming area known for its stunning natural landscapes and rich historical heritage. While the exact population of Sierra County is not provided, it is recognized for its comfortable desert climate and proximity to the Gila National Forest, making it a haven for outdoor enthusiasts and nature lovers alike. With an average home value of $158,954.39 and an average property tax rate of $872.34, Sierra County offers affordable real estate options amidst its picturesque surroundings. One interesting historical note about Sierra County is its connection to the Space Age, as it is home to the ghost town of Engle where the first rocket-powered aircraft flight took place. For seniors in Sierra County looking to supplement their retirement income, a reverse mortgage could be a viable option given the competitive average interest rate of 4.10%. By leveraging the equity in their homes through a reverse mortgage, seniors can access additional funds while continuing to reside in their beloved Sierra County, enjoying all that this unique locale has to offer.

Reverse Mortgage Loan Origination in Sierra County

Reverse Mortgage Home Values in Sierra County

Reverse Mortgage Interest Rates Sierra County

There are approximately 18 active reverse mortgage loans in Sierra County. The average interest rate in Sierra County is 7.34% for reverse mortgages. The average maximum claim amount (the lesser of the appraisal or lending limit), among reverse mortgage borrowers, in Sierra County was $338,333.33 in 2024.

Click here to get a Reverse Mortgage Quote in Sierra County, New Mexico »

Note that our loan origination data will not exactly match FHA’s HECM portfolio snapshot. This discrepancy occurs because FHA’s reports are limited to loans endorsed by FHA (i.e. HECMs only). We use a series of custom data criteria that make it possible to identify all reverse mortgages: HECMs, proprietary, and even single-purpose reverse mortgages.

Jumbo Reverse Mortgage in Sierra County, NM

With the average home value of $338,333.33, you may be wondering about the opportunities for jumbo loans.

The FHA has increased the HECM lending limit to $1,209,750 for 2025. If your property is valued above the HECM lending limit, you may be eligible for additional proceeds through the HomeForLife jumbo reverse mortgage.

Reverse Mortgage Refinance (HECM to HECM) in Sierra County

It might make sense to refinance your reverse mortgage. There are many situations where refinancing could be very beneficial to you:

• You want to get more cash out because your home value has increased substantially
• You want to pay less in interest by obtaining a lower interest rate
• You want to add a loved one to the reverse mortgage

As a bonus, South River Mortgage can sometimes provide multiple benefits at once, depending on the situation. There have been cases where we can help secure a lower interest rate and additional cash. In some cases, we have been able to do all three benefits: lower rate, more cash, and adding a son or daughter onto the mortgage.

South River Mortgage can help you refinance your reverse mortgage. Get a quote today »

Reverse for Purchase (HECM for Purchase) in Sierra County

You can now purchase a home with a reverse mortgage in {county}, NM. The reverse for purchase lets homebuyers purchase the home and get a reverse mortgage in a single transaction. The requirements for a reverse for purchase are very similar to the traditional reverse mortgage program.

Purchasing a home with a reverse mortgage has many benefits:

• No monthly mortgage payment (although you’d still be responsible for property taxes and homeowner’s insurance)
• The home being purchased would meet HUD’s property requirements or minimum property standards (this helps keep the home safe for occupants)

Learn what your down payment would be using our Reverse for Purchase calculator. Or, get pre-approved today »