Find Reverse Mortgage Specialists in Oakdale, MN
Directory of reverse mortgage specialists in Oakdale, Minnesota. Verify credentials with the state state mortgage licensing authority before hiring.
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
State Mortgage Licensing Authority of Minnesota before hiring.
Showing 7 reverse mortgage specialists in Oakdale, MN
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A reverse mortgage specialist in Oakdale Minnesota helps homeowners aged 62 and older convert home equity into cash. Minnesota law requires borrowers to complete HUD-approved counseling before obtaining a Home Equity Conversion Mortgage HECM. Local specialists guide clients through the loan process and explain how reverse mortgages affect Minnesota homestead property tax deferral programs.
What Does a Reverse Mortgage Specialist in Oakdale Cost?
Typical costs for a reverse mortgage specialist in Minnesota include an origination fee of up to 2 percent of the homes value or 6000 dollars whichever is less. Third-party costs such as appraisal title insurance and recording fees range from 1000 to 3000 dollars. HUD counseling fees are usually 125 to 250 dollars but many agencies offer free sessions for low-income borrowers. 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 Oakdale Minnesota?
Borrowers must be at least 62 years old and own their home outright or have a low mortgage balance. The property must be the borrowers primary residence and meet HUD minimum property standards. Minnesota law does not add extra age or income requirements beyond federal HECM rules.
Is reverse mortgage counseling required in Minnesota?
Yes Minnesota requires all reverse mortgage applicants to complete a counseling session with a HUD-approved counselor. The session covers loan terms costs and alternatives. A certificate of completion is needed before the lender can process the loan application.
Can I lose my home with a reverse mortgage in Oakdale?
You can lose your home if you fail to pay property taxes or homeowners insurance or if you move out for more than 12 months. Minnesota law provides a 30-day notice period before foreclosure for reverse mortgage defaults. Keeping current on taxes and insurance is essential to staying in the home.