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Senior homeowners in Arkansas may be worried about their little or no income and the rising cost of living expenses, medical bills to be paid or other debts they have. With no income, their best bet would be to apply for Arkansas reverse mortgage loans. The loans are given out by lenders approved by HUD and FHA and cannot be more than the value of the home. The loans are ideal for senior homeowners as they will not be expected to repay the loan unless they are moving, they sell the house or they die.

The most common reverse mortgage applied for is the Home Equity Conversion Mortgage (HECM), which is offered by the HUD. This mortgage is federally insured and is determined by the equity in the borrower's home. The FHA sets mortgage limits on a state-by-state basis. In Arkansas, the limits are consistent across all counties. Senior homeowners with homes of higher values may be at a disadvantage and can seek jumbo reverse mortgage loans with  higher or unlimited limits.

Before choosing a HECM lender, check the HUD website for a list of approved lenders in your area. This service is free of charge. Go for lenders who have at least one year experience in doing HECMs.