In 2024, there were 6 active reverse mortgage loans in Socorro County, New Mexico. The average home value in Socorro County is $190,547.67.

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

Socorro County is located in the state of New Mexico and is known for its rich cultural heritage and stunning natural landscapes. The county is home to a population of approximately 17,000 residents and experiences a semi-arid climate with hot summers and mild winters. Socorro County is famous for its diverse outdoor recreational opportunities, including hiking, camping, and birdwatching in the nearby Bosque del Apache National Wildlife Refuge. Historically, Socorro County has played a significant role in the development of the American Southwest, with a legacy dating back to Spanish colonial times. The county is also home to the historic town of Socorro, which was founded in 1598 and boasts a charming downtown area with preserved adobe buildings. For seniors looking to tap into their home equity, Socorro County’s average home value of $190,547.67, combined with a relatively low average property tax of $1,284.86 and a competitive average interest rate of 3.95%, make it an attractive location for considering a reverse mortgage as a financial option.

Reverse Mortgage Loan Origination in Socorro County

Reverse Mortgage Home Values in Socorro County

Reverse Mortgage Interest Rates Socorro County

There are approximately 6 active reverse mortgage loans in Socorro County. The average interest rate in Socorro County is 7.18% for reverse mortgages. The average maximum claim amount (the lesser of the appraisal or lending limit), among reverse mortgage borrowers, in Socorro County was $135,000.00 in 2024.

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

With the average home value of $135,000.00, 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 Socorro 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 Socorro 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 »