Through a reverse mortgage Nevada homeowners who are 62 or older turn the equity in their home into cash, using lenders the state licenses. The main federal reverse loan, a Home Equity Conversion Mortgage, is what most people get. There's no monthly mortgage bill for you to pay. Instead, money comes to you and what you owe increases over time. During fiscal year 2025, 577 households in Nevada closed a HECM. New federal figures also reported 48 Nevada buyers used the loan for a home purchase, with 10 loans hitting the $1,249,125 national lending limit. Before you apply, you'll speak with a counselor, and there are 2 HUD approved counseling agencies located in Nevada.
Property tax exemptions in Nevada, $1,820 to $36,400
No matter which state you're in, paying your property taxes and homeowners insurance is required by federal reverse mortgage rules. The house has to be your main home, and you must keep it in good condition too. Not paying your property taxes can put your HECM into default, meaning you've broken the loan rules and could face foreclosure. That's why local tax relief matters. In Clark County, Nevada property tax exemptions reduce your assessed value, which is the taxable figure the county sets for your property.
Exemptions in Nevada for surviving spouses and blind residents
Through Nevada statute 361.080, a surviving spouse exemption reduces assessed value by $1,820 in Clark County. There's no limit tied to your age or your income. A Nevada driver's license or state ID card, plus your spouse's death certificate, is what you'll need. Residents in Clark County who are legally blind receive a $5,460 reduction in assessed value under Nevada statute 361.085.
Nevada exemptions for veterans and disabled veterans
Under Nevada statute 361.090, a veteran's exemption removes $3,640 from your assessed value in Clark County. You must have served at least 90 continuous days on active duty, with a minimum of 1 day during a wartime period that qualifies. You can get the disabled veteran exemption through statute 361.091 if you're a veteran with a service connected disability that's permanent and rated 60% or more. In Clark County, your assessed value drops by $18,200 to $36,400, depending on the severity of your disability. When an exemption is approved, the Clark County Assessor puts it on next year's tax bill for any real property in your name.
Can you get help with a complaint through the Nevada Division of Mortgage Lending?
Yes, you'll find a consumer complaint resolution process run by the Nevada Division of Mortgage Lending, and its website has a Submit a Complaint page. Mortgage professionals statewide are licensed and supervised by this agency, which sits within the Department of Business and Industry. Before applying, you can check with the agency to confirm any reverse mortgage lenders in Nevada carry a current license. If you have a problem with a company or agent, the Financial Institutions Division complaint directory lists the Nevada Mortgage Lending Division at 702 486 0782.
Chapter 645B and Chapter 598D: Nevada's lending regulations
The statutes and regulations in Nevada Chapter 645B contain the state's licensing rules for loan originators and mortgage companies. A loan originator handles your application and goes over the terms with you. The division also points to Nevada Chapter 598D, which makes unfair lending practices illegal, alongside other mortgage laws. Those chapters cover lending in general, not rules that are specific to reverse mortgages. You won't find a state counseling or cooling off rule just for reverse mortgages on the division's statute page.
