It's helpful to work with reverse mortgage licensed specialists in the area because they understand the real estate environment in your state. Please fill out the form on this page to have a reverse mortgage specialist contact you. And of course, if you have any questions about applying for a reverse mortgage in Minnesota, don't hesitate to contact one of our specialists at any time.HECM loans, or home equity conversion mortgage loans, are all federally insured by the Federal Housing Administration, so no matter what state you live in, you'll find licensed specialists offering reverse mortgages. Minnesota is no exception. Before contacting a mortgage expert, consider how a reverse mortgage can work for you.
The Price of Living in MinnesotaComparable to many other states, Minnesota has a progressively increasing cost of living. If you still have a mortgage payment or find yourself with expensive medical bills, making the monthly payments can be very stressful. Meanwhile, the wealth you have invested into your home just sits idle. You could access that equity through reverse mortgages. Minnesota residents may qualify for either fixed or adjustable reverse mortgages, which allow them to put their equity to work. You pay no interest payments or loan payments for as long as you own and live in your home - the loan only comes due if you move, sell the property, or pass away.* You keep ownership of the home, and must continue to pay property taxes, insurance fees, and home maintenance costs. When the loan comes due you (or your heirs) have the option of selling the home or, if your heirs wish to keep the property, refinancing the loan as a traditional mortgage.
Where the Kids Live, Not MeIf your family currently lives in Minnesota and you don't, you may have considered moving closer to them if you could only afford it. With a reverse mortgage for purchase, we may help you do just that. Minnesota enthusiasts who qualify for reverse mortgage for purchase can use the loan to purchase a home anywhere across the state. Like all other reverse mortgages, reverse mortgage for purchase does not become due as long as you continue to live in the home. However, there is one stipulation. HECMs apply to primary residences only; you can't purchase a vacation home with reverse mortgages.
Reverse Mortgage SpecialistsOne Reverse Mortgage works with multiple reverse mortgage licensed specialists in Minnesota. Please fill out the form on this page to have a reverse mortgage specialist contact you.
*Homeowner must still maintain the property and pay homeowners insurance and property taxes to avoid foreclosure.