Minnesota Reverse Mortgage Rules

Like any other type of loan, Minnesota reverse mortgages have rules that must be adhered to if you want to be able to qualify for one. Reverse mortgages have become a popular option for many people because it alleviates them of having to deal with financial problems later in life. Rather than wondering how to make the next house payment, or how to pay for some unexpected bill, a reverse mortgage allows you to deal with these issues without experiencing any undue financial distress. So if you are thinking of getting a reverse mortgage, then make sure that you learn about the various rules that must be followed to obtain this unique type of loan.

Want to learn more? Click here to get free information about a reverse mortgage in Minnesota!

You Must Be 62 Or Older To Get A Reverse Mortgage in MN

If you are interested in getting a reverse mortgage then you must be at least 62. Reverse mortgages were created to benefit people that are either retired or are going to be retiring soon. When you retire one of the biggest adjustments you will have to make is going from having regular paychecks to no longer having that income. A reverse mortgage can help you because it can not only eliminate any house payments you may have, it can also give you access to the equity you have in your home.

You Must Either Own Your Home Outright Or Have A Low Balance Remaining On Your Mortgage

When a bank offers you a reverse mortgage they are provided you a benefit, but they are benefiting as well. They are going to get their money back whenever you decide to leave your home. That means that in order to qualify for a reverse mortgage you either have to have your home paid in full or owe a low amount on your mortgage.

You Must Live In The Minnesota Home That You Are Planning To Get A Reverse Mortgage On

If you want a reverse mortgage then you must live in your home. If you have moved out or are planning to move out, then a reverse mortgage is not for you. Remember that a reverse mortgage is a type of loan, and this type of loan is due when you leave your home.

You Must Demonstrate That You Will Be Able To Make Your Tax Payments And Homeowner’s Insurance Payments

For many years you have probably only made one payment for your house, and that’s a payment to your mortgage company. When you made that payment part of it went to the principle, part went to the interest, and the remainder went to an escrow account to pay your taxes and insurance. Now that you won’t be making those monthly payments you will need to be able to show that you can handle making your tax and insurance payments on your own.

If You Follow The Rules A Reverse Mortgage Can Be A Tremendous Benefit To You

As long as you are able to meet the requirements for MN, and follow the rules, a reverse mortgage can be something that has a major positive impact on your life. It can allow you to live life without worrying about money, and allow you to do the things you have never been able to afford to do before now.

Want to learn more? Click here to get free information about a reverse mortgage!

Who Are the Largest Reverse Mortgage Lenders & Banks in Minnesota?

Lender Loans Total Principal Limit
WELLS FARGO 5,456 1,085,767,874
AMERICAN ADVISORS GROUP 1,176 268,445,175
ONE REVERSE MORTGAGE LLC 436 86,276,550
GUARANTEED RATE INC 319 89,240,870
RICHFIELD BANK AND TRUST CO 315 35,961,293
FINANCIAL FREEDOM SENIOR FUNDING CORP 302 53,757,591
METLIFE BANK NATIONAL ASSOCIATION 286 66,009,483
M AND I MARSHALL AND ILSLEY BANK 239 51,968,857
SEATTLE MORTGAGE COMPANY 212 37,536,675
GENWORTH FINANCIAL HM EQUITY ACCESS INC 187 39,597,101
HEIGL MORTGAGE AND FIN CORP 179 14,714,927
MORTGAGES UNLIMITED INC 175 37,409,627
MARKETPLACE HOME MORTGAGE LLC 174 43,024,166
WESTERN NATIONAL BANK DULUTH 164 23,081,852
CAMBRIA MORTGAGE 155 38,617,550
LIBERTY HOME EQUITY SOLUTIONS INC 144 31,791,445
REVERSE MORTGAGE SOLUTIONS INC 142 34,283,301
PRESTIGE MORTGAGE 139 28,388,645
KLEINBANK 126 34,491,858
STAY IN HOME MORTGAGE INC 121 22,910,228

Since 2012

Lender Loans Total Principal Limit
AMERICAN ADVISORS GROUP 1,076 250,030,815
ONE REVERSE MORTGAGE LLC 308 62,621,650
GUARANTEED RATE INC 278 79,412,370
CAMBRIA MORTGAGE 144 36,597,550
REVERSE MORTGAGE SOLUTIONS INC 142 34,283,301
LIBERTY HOME EQUITY SOLUTIONS INC 136 30,076,545
MARKETPLACE HOME MORTGAGE LLC 134 32,911,800
CAMBRIA FINANCIAL GROUP LLC 103 31,298,050
FINANCE OF AMERICA REVERSE LLC 87 24,660,619
KLEINBANK 84 26,034,309

MN Reverse Mortgage Rates

Current Rates

Date Fixed Rate Adjustable Rate
2019-01-01 NA 4.96%
2019-02-01 4.73% 4.90%
2019-03-01 NA 5.00%
2019-04-01 NA 5.27%
2019-05-01 NA 4.68%
2019-06-01 NA 4.81%
2019-07-01 NA 4.48%
2019-08-01 NA 4.41%
2019-09-01 NA 4.08%
2019-10-01 NA 4.19%
2019-11-01 4.68% 4.23%
2019-12-01 NA 4.47%
2020-01-01 4.20% 3.96%
2020-02-01 NA 4.01%
2020-03-01 NA 4.04%
2020-04-01 NA 3.61%
2020-05-01 4.18% 3.72%
2020-06-01 NA 3.21%
2020-07-01 NA 3.17%
2020-08-01 3.81% 3.01%
2020-09-01 3.85% 2.98%
2020-10-01 3.31% 2.90%
2020-11-01 NA 2.93%
2020-12-01 3.59% 2.93%
2021-01-01 3.33% 2.83%
2021-02-01 3.11% 2.64%
2021-03-01 3.31% 2.67%
2021-04-01 NA 2.69%
2021-05-01 3.68% 2.33%
2021-06-01 4.18% 2.18%
2021-07-01 3.29% 2.24%
2021-08-01 3.34% 2.42%
2021-09-01 3.82% 2.24%
2021-10-01 3.06% 2.31%
2021-11-01 3.46% 2.36%

Historic Rates

Date Fixed Rate Adjustable Rate
2016-01-01 5.06% 3.43%
2016-02-01 5.06% 3.68%
2016-03-01 5.06% 3.81%
2016-04-01 NA 3.86%
2016-05-01 4.93% 3.84%
2016-06-01 4.99% 3.96%
2016-07-01 4.50% 4.08%
2016-08-01 4.78% 4.10%
2016-09-01 5.06% 4.17%
2016-10-01 5.04% 4.43%
2016-11-01 5.06% 4.43%
2016-12-01 4.52% 4.47%
2017-01-01 5.06% 4.68%
2017-02-01 4.69% 4.53%
2017-03-01 4.90% 4.55%
2017-04-01 4.99% 4.53%
2017-05-01 5.04% 4.51%
2017-06-01 4.96% 4.34%
2017-07-01 5.05% 4.38%
2017-08-01 4.90% 4.48%
2017-09-01 5.04% 4.50%
2017-10-01 5.06% 4.44%
2017-11-01 5.04% 4.55%
2017-12-01 5.03% 4.71%
2018-01-01 5.05% 4.62%
2018-02-01 4.75% 4.70%
2018-03-01 5.06% 4.60%
2018-04-01 5.06% 4.76%
2018-05-01 4.54% 4.75%
2018-06-01 4.86% 4.42%
2018-07-01 4.87% 4.79%
2018-08-01 4.81% 4.83%
2018-09-01 4.59% 4.77%
2018-10-01 4.31% 4.89%
2018-11-01 4.67% 4.87%
2018-12-01 4.93% 5.44%

Top Cities in Minnesota by Total HECM Loans Originated

Rank City Zip Total
1 MINNEAPOLIS 55417 1,308
2 SAINT PAUL 55106 700
3 BLOOMINGTON 55420 379
4 DULUTH 55807 358
5 MINNETONKA 55343 238
6 COON RAPIDS 55448 225
7 PLYMOUTH 55441 218
8 EDINA 55436 200
9 ROCHESTER 55902 189
10 RICHFIELD 55423 184
11 MAPLE GROVE 55369 167
12 BLAINE 55434 167
13 BROOKLYN PARK 55444 154
14 BURNSVILLE 55337 139
15 BROOKLYN CENTER 55429 130
16 EDEN PRAIRIE 55346 124
17 ROSEVILLE 55113 122
18 SAINT LOUIS PARK 55426 118
19 WHITE BEAR LAKE 55110 114
20 APPLE VALLEY 55124 113
21 EAGAN 55121 112
22 WOODBURY 55125 100
23 FRIDLEY 55432 100
24 MAPLEWOOD 55119 95
25 SAINT CLOUD 56301 95
26 FARIBAULT 55021 92
27 PRIOR LAKE 55372 91
28 HASTINGS 55033 90
29 CRYSTAL 55429 90
30 DETROIT LAKES 56501 90

Want to learn more? Click here to get free information about a reverse mortgage in MN!

Nearby HECM Housing Counselors

CATHOLIC CHARITIES DIOCESE OF ST. CLOUD 80822
157 ROOSEVELT RD STE 200 SAINT CLOUD, MN 56301-5485
(320) 650-1664
http://www.ccstcloud.org

COMMUNITY ACTION PARTNERSHIP OF HENNEPIN COUNTY
8800 HIGHWAY 7 STE 403 ST LOUIS PARK, MN 55426-3929
(952) 697-1303
https://www.caphennepin.org

LUTHERAN SOCIAL SERVICES/ CCCS OF DULUTH
424 W SUPERIOR ST STE 600 DULUTH, MN 55802-1536
(218) 529-2227

MINNESOTA HOME OWNERSHIP CENTER
1000 PAYNE AVENUE SUITE 200 SAINT PAUL, MN 55130-3986
(651) 659-9336
http://www.hocmn.org

NAVICORE SOLUTIONS-ROSEVILLE, MN
1700 HIGHWAY 36 W STE 301 ROSEVILLE, MN 55113-4034
(651) 631-8000
http://www.navicoresolutions.org

REVERSE MORTGAGE COUNSELORS, INCORPORATED
1216 SELBY AVE SAINT PAUL, MN 55104-7516
(651) 690-3141

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