Important: Listings are compiled from publicly available sources and have not been independently verified by BeforeMortgageUSA.com. We do not endorse any broker or guarantee outcomes. Verify licensing and disciplinary status with the Minnesota before hiring.
Showing 2 reverse mortgage specialists in Mound, MN
Listings are displayed in no particular order and are not ranked by BeforeMortgageUSA. Order does not constitute a recommendation or endorsement of any broker.
Bill Rodgers, CorTrust Mortgage, NMLS # 2245642
5211 Shoreline Dr, Mound, MN 55364
9522290553
Allstate Home Mortgage
2670 Commerce Blvd APT 103, Mound, MN 55364
6123663832
What Does a Reverse Mortgage Specialist in Mound Cost?
Typical costs for a reverse mortgage specialist in Minnesota include an origination fee of up to 2 percent of the home value capped at 6000 dollars, plus a mortgage insurance premium of 2 percent of the appraised value. Third party costs like appraisal title search and recording fees range from 1000 to 3000 dollars. These costs can be financed into the loan so you do not need to pay them upfront. This is general information and not mortgage or financial advice.
* Cost estimates are general ranges based on publicly available data and compiled using automated research tools. Actual fees vary by agent and case complexity. This is not mortgage or financial advice — consult directly with an agent for fee specifics.
Frequently Asked Questions
What are the eligibility requirements for a reverse mortgage in Mound Minnesota?
You must be at least 62 years old and own your home outright or have a low mortgage balance. The property must be your primary residence and meet FHA property standards. Minnesota law does not add extra age or income requirements beyond federal rules.
How does Minnesota law affect reverse mortgage proceeds?
Minnesota does not tax reverse mortgage proceeds as income. The loan becomes due when you sell the home, move out for 12 consecutive months, or pass away. Heirs have 30 days after the due date to decide whether to pay off the loan or sell the property.