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Compare Minnesota's Best Reverse Mortgages
Compare Minnesota's Best Reverse Mortgages
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Minnesota's #1 Reverse Mortgage

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In your current area 100 homeowners are currently utilizing reverse mortgages to better enhance their retirement years, with 500,000 nationwide!

The amount you receive is based on your home’s value, your age, and current interest rates. Let’s start with your address so I can estimate your home value…
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If you feel this estimate is not correct you can manually change it below. If you have an existing mortgage balance, I'll need to know the amount we are going to pay off to get rid of that mortgage payment!

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If you presently have an existing mortgage balance, I'll need to know the amount we are going to pay off to get rid of that mortgage payment!
(Our calculations use estimated property values provided by Estated.com. An independent HUD-approved appraiser must complete an appraisal to finalize your loan)
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The minimum qualifying age for a reverse mortgage is 55

Don’t forget to include your spouse’s age, even if they are not yet 55, as loan proceeds are always based on the age of the youngest spouse.
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Your personalized results include the best of 2024's reverse mortgages
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  • Real-time interest rates
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2021 BBB Torch Award Finalist
Best Reverse Mortgage Lender
Best Reverse Mortgage Website
Best Reverse Mortgage Website

Minnesota Reverse Mortgage Lenders

LenderRatingYears in BusinessStars (0-5)Good Review %ComplaintsBBB Review
Advisors Mortgage GroupA+252.00/540.0%5Source
American Advisors Group (AAG)A194.69/593.8%56Source
American Pacific MortgageF281.75/535.0%13Source
Ennkar Inc.A+144.00/580.0%3Source
Fairway Independent MortgageA+284.41/588.2%37Source
Finance of America Reverse LLC (FAR)A+211.00/520.0%22Source
GoodLife Home LoansA+124.43/588.6%0Source
Guild Mortgage Company (Formerly Cherry Creek LLC)A+641.36/527.2%39Source
HighTechLending IncA+184.93/598.6%0Source
Liberty Home Equity Solutions Inc.A+211.00/520.0%3Source
Longbridge Financial LLCA+123.94/578.8%18Source
Mid America Mortgage Inc.A+653.00/560.0%0Source
MoneyhouseNR27NANA0Source
Movement Mortgage, LLCA+174.80/595.6%109Source
Mutual of Omaha MortgageA+114.61/592.2%45Source
Open Mortgage LLCA+212.60/552.0%1Source
Plaza Home Mortgage IncA+232.38/547.6%17Source
Smartfi Home LoansA+5NANA0Source
South River Mortgage, LLCA+52.62/552.4%15Source
This chart compares the top 20 reverse mortgage lenders in the U.S. based on national rankings, displaying key metrics such as their BBB (Better Business Bureau) rating, years in business, average star rating, percentage of positive reviews, number of complaints, and sources of reviews. Top 20 HECM lenders reported by https://www.rminsight.net/wp-content/uploads/2024/06/Lenders_202405.pdf. (Reviews Updated: October 22, 2024).

Minnesota Reverse Mortgage Facts

StateHomeowners Age 62+Reverse Mortgages Closed Last 12 MonthsPurchase Reverse Mortgages Closed Last 12 MonthsLenders in MinnesotaAvg. Home Value
Minnesota15,197289413$336,351

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 2024, the average home value in Minnesota is $324,400, which is well below the federal reverse mortgage lending limit of $1,149,825 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 $1,149,825, 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.

Minnesota Approved Reverse Mortgage Counseling Agencies

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

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 19 years to reverse mortgages exclusively.
Minnesota Reverse Mortgages
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