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If you’re hoping to achieve greater financial freedom in retirement, a reverse mortgage in Minnesota may be a viable solution to reach your goal. Also known as a home equity conversion mortgage (HECM), a MN reverse mortgage works by enabling eligible seniors to tap into a portion of their home equity and convert it into loan proceeds that can be used to fund retirement. Some benefits this may provide include:
For further clarification on how a reverse mortgage works in MN, you may refer to GoodLife’s reverse mortgage guide.
Although we service Minnesota reverse mortgages, borrowers are held to federal reverse mortgage eligibility guidelines. According to the Dept. of Housing and Urban Development (HUD) and the Federal Housing Administration (FHA)—the two U.S. agencies who oversee the HECM program—reverse mortgage qualifications in MN require borrowers:
Talk to a GoodLife Reverse Mortgage Specialist to learn more about reverse mortgage eligibility and whether you may qualify. Keep in mind that reverse mortgage requirements in MN state borrowers must maintain responsibility for financial obligations, such as property taxes and insurance, and maintain the property to minimum standards to remain compliant.
Use our reverse mortgage calculator to receive a free loan estimate.
GoodLife is an experienced reverse mortgage company lending in Minnesota, committed to helping seniors achieve financial freedom and live The GoodLife in Retirement. Our reverse mortgage application process is as follows:
First, you’ll speak with a GoodLife Reverse Mortgage Specialist who will learn more about you, your goals, and whether a HECM might be the right fit for your needs.
HUD requires all MN reverse mortgage applicants to attend an approved counseling session, where you will receive additional clarification about this type of loan from an unbiased third-party.
After submitting your application, an FHA-approved appraiser will determine the value of your home and ensure the property meets eligibility criteria.
Once your application is approved, borrowers may elect to receive loan proceeds as a lump-sum, monthly installment, or line of credit; refer to our reverse mortgage calculator to see how much you may qualify to borrow and increase your cash flow.
If you have any more questions, turn to our reverse mortgage FAQs or consult our resource center for more information.
Eligible borrowers may qualify for a reverse mortgage provided that they own substantial equity and meet all other criteria. The funds obtained in loan proceeds will be used to pay off the existing mortgage at the time of closing.
A reverse mortgage becomes Due and Payable when it reaches a maturation event, such as the passing of the last remaining borrower; but you may also have to repay the loan if you fall behind on property taxes or do not maintain the property condition.
The potential amount of a reverse mortgage loan is based on the age of the youngest borrower, the appraised property value, and the current interest rates.