Minnesota's #1 Reverse Mortgage

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)

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)

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)

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)

By Michael G. Branson   Edited by Cliff Auerswald

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

Latest Minnesota Reverse Mortgage Statistics

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

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