North Dakota Reverse Mortgages

How to Find Experienced Loan Officers in Your State

North Dakota senior homeowners face a few more challenges than borrowers in other parts of the country. Much of the North Dakota territory remains quite rural and the number of mortgage lenders experienced with many types of reverse mortgages is rather limited. However, lenders do exist within the state. Here is a brief guide to locating a reputable and legitimate lender.

ND FHA Lender Limits

FHA mortgage limits are essential components in the HUD Home Equity Conversion Mortgage. For average homeowners the FHA limits are sufficient. These limits are set on a county-by-county basis across the nation and often reflect local housing values. Even though much of North Dakota is rural, the FHA limits are on the national average across the board without variation.

Again for most homeowners the limits allow plenty of room for financing a federally insured HUD reverse mortgage. For homeowners in North Dakota with very high value homes these limits will likely be too restrictive.

South Dakota HUD Lenders

Over 90% of borrowers use the U.S. Department of Housing and Urban Development (HUD) Home Equity Conversion Mortgage (HECM). Finding a good lender that is sensitive to senior homeowner’s situations as well as experienced with the HECM is essential.

First HUD is not a lender, but a government entity that administers the HECM. But HUD provides a wealth of consumer information including a HECM approved lender list.

Does ND Provide Any Single Purpose Reverse Mortgages?

Unlike half of almost all other states, North Dakota does not provide anything similar to a single purpose reverse mortgage. In some states the government and other non-profit entities offer a couple of programs, including property tax deferrals and rehabilitation property loans. Variations exist that bundle in terms similar to a reverse mortgage.

North Dakota seniors are provided a tax credit or a Homestead tax credit. The North Dakota Housing Finance Agency and the North Dakota Tax Department both offer a variety of informational sources useful to senior citizen homeowners in North Dakota.

Types of Reverse Mortgage Providers for Seniors in ND

Seniors shopping for reverse mortgages could be easily confused by the variety of businesses and lenders that advertise reverse mortgages. Fortunately or not the number of lenders in North Dakota is limited.

  • Financial Freedom is one of the largest mortgage lenders in the country and boasts the largest volume. Borrowers may choose from three primary reverse mortgage products, including the federally insured HECM, the Fannie Mae Home Keeper and the Cash Account Advantage, FF’s proprietary jumbo reverse mortgage that is also one of the most used by other lenders across the country.
  • Wells Fargo is the perfect example of the commercial banking institution that has a vibrant and experienced mortgage division. Wells Fargo offers senior borrowers the HUD HECM and the Fannie Mae Home Keeper.