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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

How this data was derived: Reverse mortgage counts reflect FHA-insured HECM loans endorsed over a rolling 12-month period (Dec 2024–Nov 2025) using HUD HECM Snapshot data. Active lenders represent unique FHA sponsor numbers with at least one endorsed loan during this period. Estimated homeowners age 62+ are based on U.S. Census ACS 5-year owner-occupied households age 65+ as a conservative proxy. Home values are sourced from Zillow’s Home Value Index (latest available).

Minnesota Reverse Mortgage Lending Limits

Minnesota, the 22nd most populous state in the U.S., is home to approximately 5.8 to 5.9 million residents as of 2026, with a large share of the population concentrated in the Minneapolis–St. Paul metropolitan area. Minnesota has a notably aging population, with an estimated 1.7 to 1.8 million residents age 62 and older.

Homeownership among older Minnesotans is especially strong. Approximately 1.4 to 1.45 million homeowners in Minnesota are age 62+, reflecting homeownership rates near 80% for this age group. This combination of long-term ownership, accumulated equity, and rising home values makes reverse mortgages a practical retirement planning option for many Minnesota homeowners who want to access equity while remaining in their homes.

Home Values and Reverse Mortgage Opportunities

As of January 2026, the average home value in Minnesota is $355,600, which is well below the federal reverse mortgage lending limit of $1,249,125 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.

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