Minnesota Reverse Mortgages

Current State:

Minnesota

Use the interactive map or the state selector to find more reverse mortgage information about your state.

State Selector

Please select your state below to see more information.

How a Reverse Mortgage Works in MN

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:

  • Accessing the wealth stored in your property while continuing to live in it
  • Aging in place and financing necessary home modifications
  • Covering the cost of medical expenses and prescription medications
  • Supplementing a fixed income to help afford the cost of living in retirement

For further clarification on how a reverse mortgage works in MN, you may refer to GoodLife’s reverse mortgage guide.

To learn more about the structure of a reverse mortgage in Minnesota, download GoodLife’s reverse mortgage guide for additional information.

Have a question about Minnesota reverse mortgages?
Contact us today.

Reverse Mortgage Qualifications & Requirements

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:

  • To be at least 62 years old
  • To own substantial home equity
  • To live in the property as their primary residence

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.

Minnesota Reverse Mortgage Calculator

Use our reverse mortgage calculator to receive a free loan estimate.

  • 1

    Eligibility Information
  • 2

    Personal Information
  • 3Confirmation
   
   
   $

OR

   

If your home value is above $765,600 please contact us for a customized benefit summary.

   

GoodLife will use and protect my personally identifiable information as stated in its Privacy Policy. I agree to be contacted by GoodLife about reverse mortgages via telephone, text message, or email. I can revoke consent for one or all kinds of contact at any time, including by calling GoodLife Home Loans at 1-866-839-9342, emailing to info@GoodLifeHomeLoans.com or clicking here.

Minnesota Reverse Mortgage Process

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:


Education:

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.

Counseling:

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.

Application:

After submitting your application, an FHA-approved appraiser will determine the value of your home and ensure the property meets eligibility criteria.

Funding:

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.

Reverse Mortgages in MN: FAQs

If you have any more questions, turn to our reverse mortgage FAQs or consult our resource center for more information.

Can I get a Minnesota reverse mortgage if I already have an existing mortgage?

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.

When does the loan have to be paid back?

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.

How are reverse mortgages calculated in MN?

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.

Contact us to learn how we may be able to help you live The GoodLife in Retirement.

Check out our blog and videos to learn more about how you can live The Good Life in Retirement