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 3 reverse mortgage specialists in Northfield, 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.
Wells Fargo Home Mortgage - Chris Graupmann
700 Water St S, Northfield, MN 55057
5076637322
Wells Fargo Home Mortgage - Melissa Running
700 Water St S, Northfield, MN 55057
5076637388
Wells Fargo Home Mortgage
700 Water St S, Northfield, MN 55057
6076637388
What Does a Reverse Mortgage Specialist in Northfield Cost?
Typical costs for a reverse mortgage in Minnesota include an origination fee of up to 2 percent of the home value (capped at 6000 dollars), a mortgage insurance premium of 2 percent of the appraised value, and third-party fees for appraisal, title search, and recording. Total closing costs often range from 3000 to 8000 dollars. 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 Northfield Minnesota?
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 and meet FHA property standards. Minnesota law also requires you to complete a counseling session with a HUD-approved counselor before applying.
How does a reverse mortgage affect my heirs in Minnesota?
Heirs can choose to repay the loan and keep the home, or sell the home to pay off the balance. If the home is sold for less than the loan amount, the lender absorbs the loss through FHA insurance. Minnesota law gives heirs 30 days after the borrower dies to decide, with possible extensions.
Are reverse mortgage proceeds taxable in Minnesota?
Reverse mortgage proceeds are generally not considered taxable income by the IRS or the state of Minnesota. However, interest on the loan is not deductible until the loan is paid off. Consult a tax professional for your specific situation.