Minnesota Reverse Mortgage LendersMinnesota is the 22nd most populous state in the nation. Almost 60% of its residents live in the Twin Cities metro area (Minneapolis and St Paul). Target, UnitedHealth Group, 3M and General Mills are some of the well known corporations with headquarters in Minnesota. Only about 13% of the state's residents are age 65 or older. This is likely due to the cold winters that older people try to avoid. For those senior residents, a lot of them struggle with cashflow due to rising medical cost.
These seniors often have no choice but to look towards a reverse mortgage to help with their daily expenses.
- The primary borrower on the loan must be age 62 or older
- Complete a reverse mortgage counseling session.
- Must have enough equity in the property (typically this means owe no more than half of the value of the property)
- Property must be a single family home, townhome, HUD approve condo or certain manufactured homes. Co-ops are not eligible for a reverse mortgage.
Featured Minnesota Reverse Mortgage Lender
The PrivateBank & Trust Company
Greenleaf Financial, LLC
Marketplace Home Mortgage
Top Flite Financial, Inc.
American Advisors Group (AAG)
Most Loans By City in MinnesotaBelow are the most popular cities in the state of Georgia with the number of HECM reverse home loans originated since 2017. As you can see, it is no surprise that Minneapolis tops the list. Not too far behind are Saint Paul, Plymouth, Edina and Minnetonka. The average initial principal limit varies from city to city. This amount depends on the age of the borrower, property value and equity in the property. For instance, in Saint Paul, the average initial principal limit was $123,678 and in Bloomington, the average was $158,631 but over in Brooklyn Park, the average initial principal amount was $120,899.
Source: U.S. Department of Housing and Urban Development