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Compare Reverse Mortgage Specialists in Elk River, MN
Compare reverse mortgage specialists in Elk River. Review contact information and insurance categorys before you decide.
11 agents listed
Updated May 2026
Elk River, MN
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 11 reverse mortgage specialists in Elk River, 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.
Neighborhood Loans | Minnesota
17205 Yale St NW suite d, Elk River, MN 55330
6125671471
The Home Team - Fairway Home Mortgage NMLS #452483
629 Main St NW, Elk River, MN 55330
6122699728
Results Home Mortgage
650 Dodge Ave NW, Elk River, MN 55330
7634820426
Scott Glasgow | NMLS 452557 | Edge Home Finance
310A Jackson Ave NW, Elk River, MN 55330
7632329699
Fairway Independent Mortgage Corporation
The Landmark Building, 19021 Freeport St #500e, Elk River, MN 55330
6122699728
360 Financial - Elk River
510 Freeport Ave Suite A, Elk River, MN 55330
7632410841
Kevin Bergsten
18769 Smith Dr NW, Elk River, MN 55330
7632276462
United Family Mortgage
200 5th St NW F, Elk River, MN 55330
7632410306
US Bank Mortgage
19695 Holt St NW, Elk River, MN 55330
8008722657
Santy King-Mortgage Consultant
200 5th St NW Suite M, Elk River, MN 55330
6122454000
AXEN Mortgage
657 Main St NW Suite 102, Elk River, MN 55330
7635158887
Reverse mortgage specialists in Elk River, Minnesota help homeowners aged 62 and older access home equity through a Home Equity Conversion Mortgage (HECM). Minnesota law requires that borrowers complete a counseling session with a HUD-approved agency before applying. Elk River residents can use these loans to supplement retirement income or pay for home repairs, with no monthly mortgage payments required as long as the home remains the primary residence.
What Does a Reverse Mortgage Specialist in Elk River Cost?
Typical costs for a reverse mortgage in Minnesota include an origination fee capped at 2 percent of the first 200,000 dollars of home value plus 1 percent of the amount above that. Upfront mortgage insurance premium is 2 percent of the appraised value, and annual premiums are 0.5 percent. Closing costs usually range from 2,000 to 5,000 dollars. These costs can be 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 Elk River Minnesota?
You must be at least 62 years old and own your home outright or have a low mortgage balance. The property must be your primary residence, and you must complete HUD-approved counseling. In Minnesota, there is no state-specific age requirement beyond the federal minimum.
How does a reverse mortgage affect my heirs in Minnesota?
Heirs can keep the home by paying off the loan balance or selling the home to repay the debt. Minnesota law gives heirs 30 days after the loan becomes due to decide, with possible extensions. If the sale proceeds are less than the loan amount, FHA insurance covers the difference.
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About Our Listings
Brokers listed on BeforeMortgageUSA.com are compiled from publicly available directories, state mortgage licensing authority records, and business listings. Inclusion does not constitute endorsement. We do not verify broker licensing, disciplinary status, or qualifications. Verify each broker's current standing with the Minnesota.