Reverse Mortgage Specialists in Eden Prairie, MN
Browse reverse mortgage specialists serving Eden Prairie, Minnesota. Contact information and addresses listed below.
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 Eden Prairie, 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 Eden Prairie Cost?
Typical costs for a reverse mortgage in Minnesota include an origination fee of up to 2% of the home value (capped at $6,000), a mortgage insurance premium of 2% of the appraised value, and third-party fees like appraisal ($400-$800) and title search ($200-$500). Counseling costs range from $125 to $250 but may be waived for low-income borrowers. These costs are usually financed into the loan. 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 Eden Prairie?
You must be at least 62 years old, own your home outright or have a low mortgage balance, and live in the property as your primary residence. Minnesota law also requires you to attend a counseling session with a HUD-approved agency before applying.
How does Minnesota law affect reverse mortgage proceeds?
Minnesota does not tax reverse mortgage proceeds as income, but they may affect eligibility for state programs like Medical Assistance. The loan must be repaid when you move out permanently, sell the home, or pass away.
Can I lose my home with a reverse mortgage in Eden Prairie?
You can lose your home if you fail to pay property taxes, homeowners insurance, or maintain the property. Minnesota law requires lenders to provide clear disclosures about these obligations before closing.