Compare Minnesota's Best Reverse Mortgages
Minnesota Reverse Mortgage Lenders
|Lender Name||Years in Business||Rating||Stars (0-5.0)||Positive Reviews||Complaints||BBB Reviews|
|All Reverse Mortgage, Inc. (ARLO)||15||A+||4.9||99%||1||Source|
|American Advisors Group (AAG)||14||A-||4.1||82%||53||Source|
|Longbridge Financial, LLC||6||A+||3.5||70%||2||Source|
|Reverse Mortgage Funding LLC||6||A+||3.0||60%||8||Source|
|One Reverse Mortgage, LLC (Quicken)
|Liberty Home Equity Solutions, Inc.||15||A+||2.1||42%||2||Source|
|Retirement Funding Solutions (RFS)||9||A+||(N/A)||(N/A)||1||Source|
|Fairway Independent Mortgage||23||A+||2.1||42%||21||Source|
|HighTech Lending Inc.||13||A-||2.0||40%||2||Source|
|Finance of America Reverse LLC||15||A+||1.0||20%||2||Source|
We are proud to be Minnesota's #1 rated reverse mortgage lender by the BBB with a Perfect 5.0 stars and A+ review. All Reverse Mortgage® lends in 17 states nationwide, and throughout all of Minnesota state.
All Reverse began in November 2007 and as the name implies, the only loan product that All Reverse Mortgage® originates is the residential reverse mortgage loan.
Minnesota homeowners seeking reverse mortgages come to us because of our brilliant staff members, whose combined lending experience exceeds 100 years. We have national mortgage banking experience on both coasts and many points between. Due to this direct experience, All Reverse Mortgage® is well positioned to assist borrowers with their specific needs associated with reverse mortgage programs.
Minnesota Reverse Mortgage Facts
|State||Homeowners Age 62+||Reverse Mortgages Closed Last 12 Months||Purchase Reverse Mortgages Closed Last 12 Months||Lenders in Minnesota||Avg. Home Value|
HUD Approved Direct Lender
All Reverse Mortgage® is approved with the Department of Housing and Urban Development (HUD) to originate, underwrite and close the HUD Home Equity Conversion Mortgage (HECM, or “Heck-um”). The HECM is HUD’s acronym for the reverse mortgage program it administers for seniors who are 62 and older.
All Reverse Mortgage® originates in Minnesota and offers several reverse mortgage options. In some instances, borrowers are looking to pay off their existing loan and eliminate their monthly mortgage payment. Or, if they already have paid off their mortgage, a reverse loan can help borrowers utilize their equity for other purposes. In some cases, borrowers can do both. They also may use a specific type of reverse mortgage to purchase a new home.
About All Reverse Mortgage
The owners and management of All Reverse were part of the team that wrote and sold the first fixed rate jumbo reverse mortgage in 2008 and, as such, have extensive experience in jumbo or proprietary loan programs. We are always looking for new products to offer to borrowers with high valued homes in strong real estate markets where the HUD HECM might not serve well. Jumbo or proprietary programs typically offer lower Principal Limits as they relate to home values but can offer stronger borrowing power because they are not restricted by the federal loan limit set by HUD.
A seasoned originator can readily inform borrowers about their loan options, and can provide detail on the different options available, so that the borrower can make an informed decision. It is no longer uncommon to find markets where HECMs are most popular located near markets where jumbo reverse mortgages are more widely used.
Homeowners aged 62 and older in many markets have seen that the reverse mortgage can be a very solid financial tool, leading to many now seeking the reverse mortgage to augment their retirement plans rather than the last-resort approach more common in the past. Borrowers are using reverse mortgages for many purposes, from the elimination of existing mortgage payments to the line of credit that grows over time, offering more borrowing opportunities in the future.
Reverse mortgage borrowers understand that this program allows them to utilize their homes to not only live comfortably and age-in-place, but to plan for their financial future as well.
Minnesota Lending Limits
Minnesota is the 22nd most populous state in the United States and the 12th largest in terms of land size. As of 2017, approximately 5,576,606 people lived in the state, with most of the residents located around the Minneapolis-St. Paul area. About 858,797 residents in the state are age 65 and older, and about 72.7% of people in the state are homeowners.
Evidence points to humans living in this region for the last 9,000 years. After French fur traders explored the area in the 17th century, the area finally started to get populated in the mid- to late-1800s when the land’s natural resources began to get tapped and the railroads brought settlers. After being named a legal territory in 1849, Minnesota became the 32nd state in 1858. Nicknamed the “Land of 10,000 lakes,” Minnesota is the northernmost of all the 48 contiguous states. Famous residents have included singer-songwriter Prince, writer F. Scott Fitzgerald, and the state’s former governor — professional wrestler Jesse Ventura.
Minneapolis is the largest city in the state with 393,000 people living in its city limits. But the twin cities metropolitan area —which includes St. Paul — is estimated to have 3.4 million residents. In its suburb of Bloomington, more than 40 million people flock to the 400 stores in the country’s largest shopping mall — the Mall of America. Perfect for avoiding the elements during long, cold winters, Minneapolis houses 8 miles of indoor walkways in its skyway system, allowing anyone downtown to do practically anything without stepping outdoors.
After Minneapolis, the largest cities are Saint Paul and Rochester. Agriculture continues to be a main part of the state’s economy. Minnesota was ranked 13 on Forbes list of ‘Best Places to Do Business’, and it has 19 companies on the Fortune 500 list, including UnitedHealth Group, Target, and Best Buy.
With a continental climate classification, Minnesota has four very distinct seasons, with hot summers and very cold winters. The average high in July is 85 degrees Fahrenheit and the average low in January is 7 degrees Fahrenheit. Minnesota is prone to heavy winter snow and some blizzards. The state also experiences a tornado season from March to November, with the peak of the season in June.
The average home value in the state is $229,200 and prices are expected to rise an additional 8.5% in the next year. Given this average, many homes fall below the federal maximum reverse mortgage lending limit of $726,525 that applies to all HECM loans. For more borrowing power above the federal limit, there are jumbo reverse mortgage programs available.
If you reside in Minnesota, All Reverse Mortgage is here to answer your questions. Access our online calculator or call us Toll Free at (800) 565-1722.
Minnesota Approved Reverse Mortgage Counseling Agencies
|Agency Name||Phone||Agency ID||Address||Languages||Website|
|LUTHERAN SOCIAL SERVICES/ CCCS OF DULUTH||218-529-2227||81415||424 W Superior St Ste 600|
Duluth, Minnesota 55802-1536
|CATHOLIC CHARITIES DIOCESE OF ST. CLOUD||320-650-1664||80822||157 Roosevelt Rd Ste 200|
Saint Cloud, Minnesota 56301-5485
|REVERSE MORTGAGE COUNSELORS, INCORPORATED||651-690-3141||83445||1216 Selby Ave|
Saint Paul, Minnesota 55104-7516
|COMMUNITY ACTION PARTNERSHIP OF HENNEPIN COUNTY||952-697-1303||80662||8800 Highway 7 Ste 403|
St Louis Park, Minnesota 55426-3929
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.
Our Exclusive Programs Designed to Fit Your Needs.
All Reverse Mortgage© has consistently brought exclusive offers to our valued Minnesota homeowners. Because of our unique process we're able to offer a better federally-insured reverse mortgage with no compromise.
Take a look at some of our program benefits that you won't find elsewhere:
|Exclusive 4.25% (5.95% APR) Fixed Rate for Life|
|Government Insured & Jumbo Proprietary Programs|
|Flexible Credit Lines from 2.98% with the Industries Lowest Lifetime Rate Exposure|
|ZERO Origination Fee Plans|
|ZERO Financed Closing Cost Plans|
|ZERO Monthly Servicing Fees on ALL programs|
How can we offer you more favorable terms?We are a direct lender approved by FHA (Federal Housing Administration) The HECM is literally all we do. All Reverse Mortgage is not just a name for us. We have a very low (almost non-existent) staff turnover and our people are experts. We don't work with Brokers, allowing us to pass the savings on to you. We don't hire "celebrity" spokespersons as we don't believe you should have to pay for a lender's expensive marketing budget with higher loan costs. We Charge Less! Check out our competition and our customer ratings. We never forget that this loan is about you and your needs and we put you first with superior service and lower costs.
All Reverse vs. the others
HUD approved direct lender.
Working with a local Minnesota lender saves you time and money.
As an award-winning direct lender our goal remains simple; to offer you the very best terms accompanied by extraordinary customer service.
What Our Customers Are Saying
|"There was no car salesman type of protracted negotiation. All reverse got right down to a good quote without a series of incremental steps."|
|"I was surprised how easy it was to deal with an out of state company. Actually it was much easier than my previous dealings with local banks and brokers"|
|"It is a wonderful feeling to have no mortgage and extra cash in our pocket. We are very happy."|
|"Thank you to All Reverse for handling everything in an efficient and smooth way. Thoroughly appreciate everything you have done to make things easy for me."|
|"This was the smoothest mortgage process I have ever experienced! And so fast!"|