Elko, Nevada

Elko, known as the “Heart of Northeast Nevada,” offers retirees small-town living, beautiful desert and mountain scenery, and a strong sense of community. As home values continue to rise and many Elko residents enjoy the benefits of long-term homeownership, reverse mortgages have become a valuable option for seniors looking to access their home equity while remaining in the comfort of their own homes.

At Heritage Reverse Mortgage, we proudly serve Elko as the trusted authority for reverse mortgage solutions. Our focused expertise and personalized approach help seniors throughout rural and northeastern Nevada access their home equity safely and confidently.

What is a Reverse Mortgage? A reverse mortgage, officially called a Home Equity Conversion Mortgage (HECM), allows homeowners aged 62 and older to convert a portion of their home’s equity into tax-free funds. Unlike traditional mortgages, reverse mortgage borrowers are not required to make monthly mortgage payments. The loan is repaid when the homeowner sells, moves out, or passes away. Homeowners remain responsible for property taxes, homeowners insurance, and property maintenance.

Reverse Mortgage Options Available in Elko:

• HECM (Home Equity Conversion Mortgage): The most common FHA-insured reverse mortgage.
• Jumbo Reverse Mortgages: For high-value properties exceeding FHA loan limits.
• HECM for Purchase: Helps seniors purchase a new home using reverse mortgage financing.
• Single-Purpose Reverse Mortgages: May be available through select nonprofits or government programs.

Why Elko is an Ideal City for Reverse Mortgages

Elko offers retirees affordable housing, growing home values, and easy access to outdoor recreation, including hunting, fishing, and exploring the nearby Ruby Mountains. Quiet neighborhoods and strong property values allow many Elko homeowners to build substantial equity.

Healthcare is available locally through Northeastern Nevada Regional Hospital, with additional resources available in larger Nevada metro areas.