Find Reverse Mortgage Specialists Near You in Coon Rapids, MN
Looking for a reverse mortgage specialist in Coon Rapids? Review the directory below to compare your options.
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 9 reverse mortgage specialists in Coon Rapids, 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.
What Does a Reverse Mortgage Specialist in Coon Rapids Cost?
Typical costs for a reverse mortgage in Coon Rapids include an origination fee of up to 2 percent of the home value, a mortgage insurance premium of 2 percent of the appraised value upfront plus 0.5 percent annually, and third-party fees such as appraisal (400 to 600 dollars) and title insurance (500 to 1,000 dollars). Counseling costs 125 to 250 dollars. Total closing costs usually range from 2,500 to 8,000 dollars. These amounts vary by loan type and property value. 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 is a reverse mortgage specialist in Coon Rapids?
A reverse mortgage specialist is a licensed professional who helps seniors in Coon Rapids understand and apply for reverse mortgages. They explain loan options, costs, and Minnesota-specific requirements such as mandatory counseling and property tax deferral programs.
What are the age and property requirements for a reverse mortgage in Minnesota?
Borrowers must be at least 62 years old and own a primary residence in Coon Rapids. The property must be a single-family home, a 2-4 unit property with one unit occupied by the borrower, or a HUD-approved condominium. Manufactured homes may qualify if they meet FHA standards.
Are there Minnesota-specific laws for reverse mortgages?
Yes, Minnesota requires borrowers to complete a HUD-approved counseling session before applying. The state also allows borrowers to defer property taxes through the Minnesota Property Tax Deferral Program, which can help manage ongoing costs. Lenders must follow the Minnesota Reverse Mortgage Act, which sets disclosure and advertising rules.