In 2024, there were 39 active reverse mortgage loans in Chaves County, New Mexico. The average home value in Chaves County is $245,289.26.

Click here to get a reverse Mortgage Quote in Chaves 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 Chaves County

Chaves County, located in New Mexico, is home to a diverse population known for its resilience and strong sense of community. The county enjoys a moderate climate with warm summers and mild winters, making it an appealing destination for those seeking a change of pace. Chaves County is known for its rich history, including the establishment of military forts in the 19th century and its role in the development of the oil and gas industry in the early 20th century. With an average home value of $245,289.26 and an average property tax of $1,312.44, Chaves County offers affordable housing options for residents. For seniors looking to tap into their home equity, the county’s average interest rate of 0.0488 presents an opportunity to explore reverse mortgages as a financial option. Reverse mortgages can provide seniors with additional income in retirement by allowing them to borrow against the equity in their homes, offering financial flexibility and security in their later years.

Reverse Mortgage Loan Origination in Chaves County

Reverse Mortgage Home Values in Chaves County

Reverse Mortgage Interest Rates Chaves County

There are approximately 39 active reverse mortgage loans in Chaves County. The average interest rate in Chaves County is 6.39% for reverse mortgages. The average maximum claim amount (the lesser of the appraisal or lending limit), among reverse mortgage borrowers, in Chaves County was $235,000.00 in 2024.

Click here to get a Reverse Mortgage Quote in Chaves 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 Chaves County, NM

With the average home value of $235,000.00, 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 Chaves 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 Chaves 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 »