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 5 reverse mortgage specialists in New Prague, 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.
Distinctive Mortgages
1301 1st St NE, New Prague, MN 56071
8776519560
Michael Traxler Wealth Management, LLC
222 Main St E, New Prague, MN 56071
9527588060
Timothy Luther - Private Wealth Advisor, Ameriprise Financial Services, LLC
212 Lady Slipper Ave NE Ste 1, New Prague, MN 56071
9527586363
Luther, McFarland, Kuehner, Sell & Associates - Ameriprise Financial Services, LLC
212 Lady Slipper Ave NE Ste 1, New Prague, MN 56071
9527586363
US Bank Mortgage
111 Central Ave N, New Prague, MN 56071
8008722657
What Does a Reverse Mortgage Specialist in New Prague Cost?
Typical costs for a reverse mortgage in Minnesota include an origination fee of up to $6,000, a mortgage insurance premium of 2% of the home value, and third-party fees for appraisal, title search, and counseling. Closing costs in New Prague generally range from $2,000 to $8,000, depending on the loan size and property value. These costs are often financed into the loan, so you pay little upfront. This is general information, 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 New Prague?
You must be at least 62 years old and own your home outright or have a low mortgage balance. The home must be your primary residence. In Minnesota, you also must complete a counseling session with a HUD-approved counselor before applying.
How much can I borrow with a reverse mortgage in New Prague?
The amount depends on your age, the appraised value of your home, and current interest rates. In Minnesota, the maximum claim amount for a Home Equity Conversion Mortgage (HECM) is $1,089,300 as of 2024. Older homeowners typically qualify for a larger loan amount.
Are reverse mortgage proceeds taxable in Minnesota?
No, reverse mortgage proceeds are not considered income by the IRS or the state of Minnesota. They are treated as a loan advance, so you do not pay state or federal income tax on the funds you receive.