Minnesota (MN) Reverse Mortgage Loans
How MN Reverse Mortgages Work
A Minnesota Reverse Mortgage / Loan is a home loan which provides the homeowner with cash payments based on home equity. Throughout the course of the loan, the borrower retains the Minnesota property title/ownership. Typically, repayment of the loan is made when the property is sold or upon the homeowner’s death.
Eligibility Requirements
- Age requirement: Minnesota borrower must be 62 or older
- HUD-approved counseling
- Income: No requirements
- Assets: No requirements
- Minnesota employment: No requirements
- Credit score: No requirements
- Health: No requirements
Common Questions
Can I lose my home with a Minnesota Reverse Mortgage?
The Bank can only foreclose on your Minnesota home if you do not 1) pay your homeowners insurance, MN real estate taxes, any HOA fees, 2) keep the home in good repair 3) keep the Minnesota home as your primary residence. You never have to make a mortgage payment.
What if I already have a Minnesota mortgage?
First, your current mortgage and any other liens against the property in Minnesota will be paid off. As long as you have enough equity to do this, a Reverse Mortgage would work for you.
Will a Minnesota Reverse Mortgage cause me to pass debt on to my heirs?
A Reverse Mortgage in Minnesota is a non-recourse loan. There is mortgage insurance, which is a Federal requirement, which will pay off the difference from the value of your home to what you owe. No one comes out of a Reverse Mortgage owing more than the value of their home. If the value of the Minnesota home is greater than what is owed, the heirs inherit the additional money after the loan is paid.
Are Minnesota (MN) Reverse Loans high-risk?
A number of safeguards have been built into the program, including mandatory HUD-approved counseling in Minnesota, payment guarantees, capped interest rates, advanced disclosures, a three-day rescission period and a non-resource limit.
Minnesota Reverse Mortgage Lenders
Apply now or contact the Minnesota Reverse Mortgage experts at Home Point Financial to learn more about reverse mortgages in Minneapolis, Saint Paul, Rochester, Bloomington and throughout Minnesota.
