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Compare Minnesota's Best Reverse Mortgages
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Michael G. Branson Michael G. Branson, CEO of All Reverse Mortgage, Inc., and moderator of ARLO™, has 45 years of experience in the mortgage banking industry. He has devoted the past 20 years to reverse mortgages exclusively. (License: NMLS# 14040)
Cliff Auerswald All Reverse Mortgage's editing process includes rigorous fact-checking led by industry experts to ensure all content is accurate and current. This article has been reviewed, edited, and fact-checked by Cliff Auerswald, President and co-creator of ARLO™. (License: NMLS# 14041)

Reverse Mortgages in Minnesota: A Comprehensive Guide

If you’re a Minnesota homeowner aged 62 or older, a reverse mortgage could be a valuable tool to help you unlock the equity in your home and improve your financial security during retirement. In this guide, we’ll cover everything you need to know about reverse mortgages in Minnesota, including key facts, the latest statistics, top lenders, and essential protections.

Minnesota Reverse Mortgage Lenders

LenderBBB RatingYears in BusinessStar Rating (0–5)Good Review %ComplaintsSource
Atlantic Avenue Mortgage LLCB+24.94/598.8%2Source
American Pacific MortgageF281.75/535.0%8Source
Cross Country MortgageF211.47/529.4%294Source
Fairway Independent MortgageA+294.48/589.6%29Source
Finance of America Reverse LLC (FAR)A+211.00/520.0%36Source
GMFS MortgageA+262.5/550.0%17Source
Goodlife Home LoansA+125.0/5100%0Source
Guild Mortgage Company (Formerly Cherry Creek LLC)A+641.36/527.2%28Source
HighTechLending IncA+194.93/598.6%1Source
Liberty Home Equity Solutions Inc.A+211.00/520.0%2Source
Longbridge Financial LLCA+123.77/575.4%24Source
Mid America Mortgage Inc.A+66NANANASource
MoneyhouseNR27NANA0Source
Movement Mortgage, LLCA+174.81/596.2%98Source
Mutual of Omaha MortgageA+121.49/529.8%49Source
Open Mortgage LLCA+223.0/560.0%1Source
Plaza Home Mortgage IncA+243.2/564.0%7Source
Smartfi Home LoansA+6NANA0Source
South River Mortgage, LLCA+63.55/571.0%12Source
Notes:
BBB Rating: Better Business Bureau rating (A+ to F; NR = Not Rated).
Star Rating: Average customer rating out of 5 stars.
Good Review %: Percentage of reviews classified as positive.
Source: Data compiled from national rankings of top 20 HECM (Home Equity Conversion Mortgage) lenders by RMInsight (https://www.rminsight.net/wp-content/uploads/2025/05/Lenders_202504.pdf). BBB Reviews updated as of May 28, 2025.

Latest Minnesota Reverse Mortgage Statistics

StateHomeowners Age 62+Reverse Mortgages Closed Last 12 MonthsLenders in MinnesotaAvg. Home Value
Minnesota806,50021517$330,487
HECM Data source: https://entp.hud.gov/sfnw/public/
Loan Type: HECM Standard Loans Originated in Minnesota
Performance Period: Loans endorsed between January 1, 2024, and December 31, 2024
Note: Includes all HECM Standard cases within the specified endorsement period.

 

Minnesota reverse mortgage lenders map

 

Minnesota Reverse Mortgage Lending Limits

Minnesota, the 22nd most populous state in the U.S., is home to approximately 5.8 million people as of 2024, with a significant portion residing in the Minneapolis-St. Paul metro area. About 873,000 residents are aged 65 and older, making them potential candidates for a reverse mortgage. With a homeownership rate of 72.7%, many Minnesotans can tap into their home equity as part of their retirement planning.

Home Values and Reverse Mortgage Opportunities

As of January 2025, the average home value in Minnesota is $330,487, which is well below the federal reverse mortgage lending limit of $1,209,750 for HECM (Home Equity Conversion Mortgage) loans. Homeowners with properties valued above this federal limit can still access their equity through jumbo reverse mortgage programs offering greater borrowing potential.

Historical and Economic Background

Minnesota’s history spans back 9,000 years, with evidence of early human activity in the region. The state’s settlement by Europeans began with French fur traders in the 17th century, and its development accelerated in the mid-1800s when railroads and the tapping of natural resources brought settlers. Minnesota became the 32nd state in 1858.

Nicknamed the “Land of 10,000 Lakes,” Minnesota is the northernmost of the 48 contiguous states. Some notable residents include Prince, F. Scott Fitzgerald, and former governor and professional wrestler Jesse Ventura.

Minneapolis, the state’s largest city, is home to 393,000 residents within the city limits, while the larger Minneapolis-St. Paul metro area houses 3.4 million people. This vibrant region is home to attractions like the Mall of America, which draws over 40 million visitors annually to its 400+ stores. With Minnesota’s long, cold winters, Minneapolis’ skyway system offers 8 miles of indoor walkways, allowing residents to move around without stepping outside.

Economic and Industrial Overview

Beyond Minneapolis, the state’s other significant cities include Saint Paul and Rochester. Agriculture plays a key role in Minnesota’s economy, alongside manufacturing, technology, and retail. Minnesota is ranked 13th on Forbes’ list of Best Places to Do Business, and 19 Fortune 500 companies are based in the state, including UnitedHealth Group, Target, and Best Buy.

Minnesota’s Climate

Minnesota experiences four distinct seasons, characterized by hot summers and cold winters. The average high in July is 85°F, while January lows can reach 7°F. The state receives heavy snowfall in the winter and is prone to blizzards. Minnesota also experiences tornado season from March to November, with the peak occurring in June.

Reverse Mortgage Benefits for Minnesota Homeowners

With an average home value of $324,400, most Minnesota homes fall below the HECM federal lending limit of $1,209,750, making reverse mortgages a practical solution for many homeowners. For those with higher-value properties, jumbo reverse mortgage programs are available, providing more flexibility and borrowing power.

 

HUD-Approved Reverse Mortgage Counseling Agencies in Minnesota

NameAgency IDAddressPhoneWeb Site
CATHOLIC CHARITIES DIOCESE OF ST. CLOUD80822157 ROOSEVELT RD STE 200
SAINT CLOUD, MN 56301-5485
(320) 650-1664https://www.ccstcloud.org/
LUTHERAN SOCIAL SERVICE OF MINNESOTA81434EAST BRAINERD MALL
716 E STREET
BRAINERD, MN 56401-2857
(888) 577-2227https://www.lssmn.org/financialcounseling/
LUTHERAN SOCIAL SERVICE OF MINNESOTA81433SUITE 6
1601 HWY 12 E
WILLMAR, MN 56201-5817
(888) 577-2227https://www.lssmn.org/financialcounseling/
LUTHERAN SOCIAL SERVICE OF MINNESOTA81432710 SOUTH 2ND STREET
MANKATO, MN 56001-3810
(218) 529-2227http://www.lssmn.org/financialcounseling
LUTHERAN SOCIAL SERVICE OF MINNESOTA814151330 E SUPERIOR ST
DULUTH, MN 55805-3854
(218) 529-2227https://www.lssmn.org/financialcounseling/
LUTHERAN SOCIAL SERVICE OF MINNESOTA835572400 PARK AVENUE
MINNEAPOLIS, MN 55404-3713
(888) 577-2227https://www.lssmn.org/financialcounseling/
LUTHERAN SOCIAL SERVICES/CCCS OF DULUTH84945SUITE 550
2835 W SAINT GERMAIN ST
SAINT CLOUD, MN 55301
(888) 577-2227https://www.lssmn.org/debt
NAVICORE SOLUTIONS-ROSEVILLE, MN831671700 HIGHWAY 36 W STE 510
ROSEVILLE, MN 55113-4027
(866) 472-4557http://www.navicoresolutions.org
WASHINGTON COUNTY COMMUNITY DEVELOPMENT AGENCY825337645 CURRELL BLVD
WOODBURY, MN 55125-2256
(651) 202-2822http://www.washingtoncountycda.org
The information presented in this table was obtained from the U.S. Department of Housing and Urban Development (HUD) at https://answers.hud.gov/housingcounseling as of February 23rd, 2025.

Did you know? Minnesota state does not mandate in-person counseling. Visit our counseling page for a list of phone-based counseling agencies and conduct your required counseling from the comfort of your home.

Top Lender Resources in MN:
Reversemortgage.org NRMLA Members in Minnesota
HUD.GOV Lenders

State References: 65 and over

Author Michael Branson
About the Author, Michael G. Branson | Mike@allreverse.com
Michael G. Branson CEO, All Reverse Mortgage, Inc. and moderator of ARLO™ has 45 years of experience in the mortgage banking industry. He has devoted the past 20 years to reverse mortgages exclusively.
Minnesota Reverse Mortgages
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