Minnesota Reverse Mortgage Lenders
| Lender | Rating | Years in Business | Stars (0-5) | Good Review % | Complaints | BBB Review |
|---|---|---|---|---|---|---|
| Advisors Mortgage Group | A+ | 25 | 2.00/5 | 40.0% | 5 | Source |
| American Advisors Group (AAG) | A | 19 | 4.69/5 | 93.8% | 56 | Source |
| American Pacific Mortgage | F | 28 | 1.75/5 | 35.0% | 13 | Source |
| Ennkar Inc. | A+ | 14 | 4.00/5 | 80.0% | 3 | Source |
| Fairway Independent Mortgage | A+ | 28 | 4.41/5 | 88.2% | 37 | Source |
| Finance of America Reverse LLC (FAR) | A+ | 21 | 1.00/5 | 20.0% | 22 | Source |
| GoodLife Home Loans | A+ | 12 | 4.43/5 | 88.6% | 0 | Source |
| Guild Mortgage Company (Formerly Cherry Creek LLC) | A+ | 64 | 1.36/5 | 27.2% | 39 | Source |
| HighTechLending Inc | A+ | 18 | 4.93/5 | 98.6% | 0 | Source |
| Liberty Home Equity Solutions Inc. | A+ | 21 | 1.00/5 | 20.0% | 3 | Source |
| Longbridge Financial LLC | A+ | 12 | 3.94/5 | 78.8% | 18 | Source |
| Mid America Mortgage Inc. | A+ | 65 | 3.00/5 | 60.0% | 0 | Source |
| Moneyhouse | NR | 27 | NA | NA | 0 | Source |
| Movement Mortgage, LLC | A+ | 17 | 4.80/5 | 95.6% | 109 | Source |
| Mutual of Omaha Mortgage | A+ | 11 | 4.61/5 | 92.2% | 45 | Source |
| Open Mortgage LLC | A+ | 21 | 2.60/5 | 52.0% | 1 | Source |
| Plaza Home Mortgage Inc | A+ | 23 | 2.38/5 | 47.6% | 17 | Source |
| Smartfi Home Loans | A+ | 5 | NA | NA | 0 | Source |
| South River Mortgage, LLC | A+ | 5 | 2.62/5 | 52.4% | 15 | Source |
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 |
|---|---|---|---|---|---|
| Minnesota | 15,197 | 289 | 4 | 13 | $336,351 |
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 $1,209,750 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.
Minnesota Approved Reverse Mortgage Counseling Agencies
| Name | Agency ID | Address | Phone | Web Site |
|---|---|---|---|---|
| CATHOLIC CHARITIES DIOCESE OF ST. CLOUD | 80822 | 157 ROOSEVELT RD STE 200 SAINT CLOUD, MN 56301-5485 | (320) 650-1664 | https://www.ccstcloud.org/ |
| LUTHERAN SOCIAL SERVICE OF MINNESOTA | 81434 | EAST BRAINERD MALL 716 E STREET BRAINERD, MN 56401-2857 | (888) 577-2227 | https://www.lssmn.org/financialcounseling/ |
| LUTHERAN SOCIAL SERVICE OF MINNESOTA | 81433 | SUITE 6 1601 HWY 12 E WILLMAR, MN 56201-5817 | (888) 577-2227 | https://www.lssmn.org/financialcounseling/ |
| LUTHERAN SOCIAL SERVICE OF MINNESOTA | 81432 | 710 SOUTH 2ND STREET MANKATO, MN 56001-3810 | (218) 529-2227 | http://www.lssmn.org/financialcounseling |
| LUTHERAN SOCIAL SERVICE OF MINNESOTA | 81415 | 1330 E SUPERIOR ST DULUTH, MN 55805-3854 | (218) 529-2227 | https://www.lssmn.org/financialcounseling/ |
| LUTHERAN SOCIAL SERVICE OF MINNESOTA | 83557 | 2400 PARK AVENUE MINNEAPOLIS, MN 55404-3713 | (888) 577-2227 | https://www.lssmn.org/financialcounseling/ |
| LUTHERAN SOCIAL SERVICES/CCCS OF DULUTH | 84945 | SUITE 550 2835 W SAINT GERMAIN ST SAINT CLOUD, MN 55301 | (888) 577-2227 | https://www.lssmn.org/debt |
| NAVICORE SOLUTIONS-ROSEVILLE, MN | 83167 | 1700 HIGHWAY 36 W STE 510 ROSEVILLE, MN 55113-4027 | (866) 472-4557 | http://www.navicoresolutions.org |
| WASHINGTON COUNTY COMMUNITY DEVELOPMENT AGENCY | 82533 | 7645 CURRELL BLVD WOODBURY, MN 55125-2256 | (651) 202-2822 | http://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
