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 Maplewood, 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.
Homes Mortgage LLC
2127 County Rd D E, Maplewood, MN 55109
6512040696
Affordable Mortgage Shop LLC
1983 Sloan Pl Ste 15, Maplewood, MN 55117
6513699309
Homes Mortgage - Bob Hoye
2127 County Rd D E, Maplewood, MN 55109
6517700241
What Does a Reverse Mortgage Specialist in Maplewood Cost?
Typical costs for a reverse mortgage specialist in Minnesota include an origination fee of up to 2 percent of the home value, 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 2,000 to 5,000 dollars, but can be higher for larger loans. These costs are usually financed into the loan balance. 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 age requirements for a reverse mortgage in Maplewood Minnesota?
Borrowers must be at least 62 years old. All homeowners listed on the title must meet this age requirement. Minnesota law does not allow exceptions to this federal rule.
Do I need to complete counseling before getting a reverse mortgage in Minnesota?
Yes, Minnesota requires all reverse mortgage applicants to complete a counseling session with a HUD-approved counselor. This session must occur before you submit your loan application. The counselor will explain the loan terms, costs, and alternatives.
Can I lose my home with a reverse mortgage in Maplewood?
You can lose your home if you fail to pay property taxes, homeowners insurance, or maintain the property. Minnesota law gives you a 30-day notice to cure any default before foreclosure proceedings begin. Staying current on these obligations keeps you in the home.