Hot Springs Arkansas Reverse Mortgage

Your Hot Springs Reverse Mortgage Guide

Welcome to Hot Springs

As a homeowner in Hot Springs, you have worked hard to build equity in your home. Now, that equity can work for you in your retirement years with a reverse mortgage loan. This type of loan allows you to tap into the equity you have built up in your home without the obligation to make monthly payments. Instead, the loan is repaid when you sell the home or pass away. Reverse mortgage loans can provide financial stability and peace of mind, allowing you to enjoy your retirement and age in place in the comfort of your own home.

Reverse Mortgage

Explore the possibilities of a Reverse Mortgage! Free yourself from worrying about monthly bills and take back control of your financial future. With a Reverse Mortgage, you can unlock the power of your home’s equity while maintaining ownership of your home. Find out today how you can start on the road to financial freedom.

Learn More about a Reverse Mortgage

Reverse Mortgage for Purchase

Did you know you can use a reverse mortgage to purchase a new home? A reverse mortgage for purchase allows seniors to buy a new home without making any monthly mortgage payments. Instead of getting an upfront lump sum payment like other reverse mortgages, the loan is used to purchase a new primary residence.

Learn More about a Reverse Mortgage for Purchase

HECM to HECM Refinance

A HECM (Home Equity Conversion Mortgage) to HECM refinance, also known as a HECM loan refinance, is a type of reverse mortgage that allows a borrower to refinance an existing HECM loan with a new one. This can be beneficial for several reasons, such as lowering your interest rate, changing the loan terms, accessing additional equity, and improving your financial situation.

Learn More about a HECM to HECM Refinance

Cash Out Reverse Mortgage

A Reverse Mortgage allows you to take cash out of your house and use the equity in your home for the things you want. You can receive your cash as a lump sum, fixed monthly payment, or line of credit.

Learn More about a Cash Out Reverse Mortgage

Jumbo Reverse Mortgage

A Jumbo Reverse Mortgage is a reverse mortgage that allows homeowners to borrow more money than allowed with a traditional HECM reverse mortgage. This is because a Jumbo Reverse Mortgage is not limited by the same lending limits set by the Federal Housing Administration (FHA) for standard HECM loans. With a Jumbo Reverse Mortgage, you can access more of the equity in your high-value home.

Learn More about a Jumbo Reverse Mortgage

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Hot Springs Approved Reverse Mortgage Counseling Agencies

HUD Approved HECM Counseling Agencies

The following is the internet website address and telephone number provided by HUD for the purposes of acquiring HECM counseling:

National Counseling Agencies

ClearPoint Financial Solutions
(800) 251-2227
https://www.clearpoint.org/

Money Management International
(877) 908-2227
https://www.moneymanagement.org/

Credit.org
(800) 947-3752
https://www.homeownership.org/

National Foundation for Credit Counseling
(866) 698-6322
https://www.nfcc.org/

Greenpath
(888) 860-4167
https://www.greenpath.com/

Navicore
(866) 855-7736
https://navicoresolutions.org/

Guidewell Financial Solutions
(800) 882-6171
https://www.guidewellfs.org/

NeighborWorks America
(202) 760-4000
https://www.neighborworks.org/

Housing Options Provided for the Elderly (HOPE)
(844) 432-6467
https://hopeforseniorsstl.org/

Arkansas Counseling Agencies

Hot Springs Arkansas Frequently Asked Questions

How does a Reverse Mortgage work in Hot Springs Arkansas?

A reverse mortgage in Hot Springs, Arkansas, works similarly to a reverse mortgage in other parts of the country. The basic principle is that it allows homeowners 62 years of age or older to borrow money against the equity in their home without having to make monthly payments. Instead, the loan becomes due when the borrower moves out of the house permanently, sells the home, or passes away.

To obtain a reverse mortgage in Hot Springs, Arkansas, the borrower must meet with a reverse mortgage lender and go through a counseling session to ensure that a reverse mortgage is a suitable choice for them. The lender will also appraise the home to determine its value and the amount the borrower is eligible to borrow.

Do I make mortgage payments on my Reverse Mortgage in Hot Springs?

No, you do not have to make payments on your reverse mortgage. You are still obligated to pay your property taxes, homeowners insurance, general home maintenance and upkeep, and any HOA fees, if applicable. The benefit of a reverse mortgage is that you do not have to make a regular monthly mortgage payment.

What qualifies for a reverse mortgage in Hot Springs?

A reverse mortgage loan is only available to seniors who are age 62 or older. This type of loan has been designed to help provide a solution to allow seniors access to equity in their homes while still living there. To qualify for a reverse mortgage, you must:

  • The youngest borrower on the loan must be 62 years old or older
  • Having an existing mortgage loan balance is OK as long as there is sufficient equity in the home
  • It must be your primary residence, not rental homes or vacation homes
  • Reverse mortgage loans are available as refinance or purchase loans.

How do I receive my money when I get a reverse mortgage?

With a Reverse Mortgage, borrowers have the flexibility to choose how they want to receive their loan proceeds. This can include receiving the funds in one lump sum, periodically accessing them through a line of credit, receiving regular monthly payments, or a combination of these options. Speak with a licensed Reverse Mortgage Lender to discuss your options.

About Hot Springs Arkansas

Welcome to Hot Springs, Arkansas! This vibrant city is nestled in the foothills of the Ouachita Mountains and is home to a population of over 36,000 people. Hot Springs has a rich history that dates back to the early 1800s when it was discovered by Native Americans who were drawn to the natural hot springs in the area.

Today, Hot Springs is a bustling city with plenty of activities to keep you busy. Take a stroll through the historic downtown area and explore the many shops and restaurants. Or, take a dip in the hot springs at one of the many spas in the city. There are also plenty of parks and community centers to explore, including the Hot Springs National Park and the Hot Springs Convention Center.

For those looking to further their education, Hot Springs is home to several schools, including National Park College and the University of Arkansas Community College at Hot Springs. There are also several private schools located in the city.

No matter what brings you to Hot Springs, you’ll find plenty of activities to keep you entertained. From the hot springs to the parks and community centers, Hot Springs is a great place to visit and explore.

Things To Do In Hot Springs

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Top Sights in Hot Springs, AR


Hot Springs National Park

Garvan Woodland Gardens

Magic Springs

Oaklawn Racing Casino Resort

Mid-America Science Museum

Lake Catherine State Park

Hot Springs Mountain Tower

Fordyce Bathhouse

Gangster Museum of America

Arkansas Alligator Farm & Petting Zoo

Buckstaff Bathhouse

The Grand Promenade

Northwoods Trails

Ozark Bathhouse

Goat Rock Trail

Adventureworks Hot Springs

Josephine Tussaud Wax Museum

The Galaxy Connection

Sunset Trail

Hot Springs Mountain Drive

Funtrackers Family Fun Park

X-Coaster

Winery of Hot Springs

Gulpha Gorge Trail

Arlington Lawn

Tiny Town

West Mountain Trail

Pirate's Cove Adventure Golf

Baseball Trail Park

Cedar Glades Park

Hot Springs Haunted Tours

Lake Hamilton and Lake Catherine

Edgewater Resort

Downtown Hot Springs

Hot Spring above Ground in Park

Reader Railroad

Crystal Ridge Distillery

Family Fun Park

Bath House Row Winery

Perry Wildflower Overlook

Panther Valley Ranch

Northwoods Trail

Tufa Terrace Trail

Entergy Park

Hot Springs Central Avenue Historical District

North Mountain

Libby Thermal Water Jug Fountain

Goat Rock View Point

T-Rex Golf

Artists' Workshop Gallery

Garland County Historical Soc

A Narrow Escape

Whittington Gallery and Studios

Sugarloaf Mountain

Whittington Park Historic Marker

Hot Springs secret cave

Downtown Association of Hot Springs

Arkansas Walk of Fame

Kenneth Adair Memorial Park

History of Hot Springs Gambling Museum

Fountain Trail

Carpenter Dam Park

Hot Springs Bark Park

Hot Springs: The Birthplace of Spring Baseball Historic Marker

Tombstone Old Time Photos

Music Mountain

Bridge Street Live Entertainment District

Volcano Falls Miniature Golf

Hill Wheatley Park

Falls Creek Falls

Travel Articles in Hot Springs, AR


25 Best Things to Do in Hot Springs, AR

The 14 Best Things to Do When You Visit Hot Springs, AR.

Experience the Water - Hot Springs National Park (U.S. National Park Service)

The BEST Hot Springs Arkansas Bath Houses in 2023

Reverse Mortgage Regulations

HUD – The United States Department of Housing and Urban Development is one of the executive departments of the U.S. federal government. It administers federal housing and urban development laws. They state, “Reverse mortgages are increasing in popularity with seniors who have equity in their homes and want to supplement their income. The only reverse mortgage insured by the U.S. Federal Government is a Home Equity Conversion Mortgage (HECM) which is only available through an FHA-approved lender. The HECM is FHA’s reverse mortgage program that lets you withdraw a portion of your home’s equity.”

Consumer Finance Protection Bureau – The Consumer Financial Protection Bureau is an agency of the United States government responsible for consumer protection in the financial sector. They state, “A reverse mortgage is a special type of home loan only for homeowners who are 62 and older. With a reverse mortgage, the amount the homeowner owes goes up–not down–over time.”

NMSL – The Nationwide Multi-State Licensing System and Registry is the record system for non-depository financial services licensing.

NRMLA – The National Reverse Mortgage Lenders Association (NRMLA) is a professional association that serves as an educational resource for the Reverse Mortgage community. The NRMLA was established in 1997 to promote professionalism and provide support and guidance to lenders and education borrowers. In addition, they prioritize educating consumers on the advantages and disadvantages of obtaining a reverse mortgage, ensuring borrowers make informed decisions.  They also provide training for mortgage professionals, enforce a code of ethics, and advise policymakers on reverse mortgage issues.

Reverse Mortgage Lenders near Hot Springs

Call us for a free, no-obligation consultation about your Reverse Mortgage options. One of our licensed professionals will answer your questions without the hassle of a sales pitch. You’ll learn what programs you may qualify for and discover the best options that will suit your situation.

We are proud to serve the residents of Hot Springs. We have been in the mortgage lending business since 2002 and would be happy to provide additional testimonials and references to clients we have worked with. We look forward to serving you and welcome the opportunity to meet and discuss your individual needs.

Reverse Mortgage Resource Center
Phone: 385-503-2224

Reverse Mortgage Resource Center – Hot Springs

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REVERSE MORTGAGE RESOURCE CENTER ~lIVE lIFE ON yOUR tERMS~


Our Lending Team has been serving our clients since 2004. We are passionate about serving our clients with integrity to help them achieve their financial goals.