Minnesota Reverse Mortgages

Choose from National and Local Lenders

Find out where in your state the reverse mortgage lenders are located. Choose from FHA approved lenders, nationally recognized retail banks, and local mortgage brokers.

FHA Lender Loan Limits

FHA mortgage limits are key in determining the lending limit for a federally insured Home Equity Conversion Mortgage—HUD’s reverse mortgage product. Over 90% of all reverse mortgage borrowers have a HECM. For the average homeowner local FHA limits may provide plenty of equity leverage, but for homeowners with high-value homes, these figures may fall short. What’s more, they are set on a county-by-county basis across the U.S.

Minnesota’s overall FHA limits are equal to the national average—under $275,000. The counties where there are exceptions include those for the Minneapolis-St. Paul metropolitan area. Here FHA limits are close to $100,000 higher.

Single Purpose Lenders and Programs in Minnesota

Single purpose reverse mortgages offer seniors access to home equity usually to pay property taxes or to make necessary property repairs or improvements. In Minnesota you’ll find the following similar programs open for senior homeowners:

  • The Minnesota Senior Citizen Property Tax Deferral is a statewide program for senior homeowners 65 and over living on minimal incomes. This is not a formal reverse mortgage, but a loan against the home and payable upon resale or owner’s death—like a reverse mortgage. With this program borrowers must provide the property title, proof that there exist no other liens on the property, proof of age and income less than $60,000. Interest is charged against the loan, but is capped at 5%. Applications are made directly through the borrower’s county tax assessors office.
  • The Minnesota Housing Finance Authority offers a Rehabilitation Loan Program for which some seniors may qualify. The lien is against the property for a period not to exceed 30 years. The loan becomes due when the property is sold.
  • Many local governments and municipalities in Minnesota offer their own brand of home improvement loan deferrals, some for seniors and the disabled. Check with your town government offices or housing department for applicable programs in your area.

General Reverse Mortgage Lenders for Seniors in Minnesota

If you are looking into a federally-insured HECM check for a HUD-approved lender or ask a mortgage counselor for a list of FHA- or HUD-approved lenders in your area.

Here are only a representative few of the types of lenders available in Minnesota; there are literally hundreds of lenders including retail banks and specific mortgage brokers and lenders.

Lake Community Bank

Lake Community Bank is a local company interested in bringing the advantages of all types of reverse mortgages to local senior homeowners. Depending upon your financial goals and needs, Lake Community Bank is prepared to offer a wide variety of reverse mortgages fitted with various rates and costs.

Marketplace Home Mortgage

This mortgage company offers senior homeowners a wide variety of reverse mortgage products, including: the federally insured HUD HECM, the Fannie Mae Home Keeper and a variety of private and jumbo reverse mortgages.

Wells Fargo Home Mortgage

As example of a national banking lender, Wells Fargo continues to grow the volume of its reverse mortgages. Borrowers may choose between the HUD HECM and the Fannie Mae Home Keeper.