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 Shoreview, 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.
LendSmart Mortgage powered by American Pacific Mortgage #1850
Provost Office, 3570 Lexington Ave N #140, Shoreview, MN 55126
6516314919
Dan Murray Lendsmart Mortgage
3450 Lexington Ave N #220, Shoreview, MN 55126
6513298845
Dan Niemeyer Lendsmart Mortgage LLC
3450 Lexington Ave N #220, Shoreview, MN 55126
6125788080
What Does a Reverse Mortgage Specialist in Shoreview Cost?
Typical costs for a reverse mortgage 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 such as appraisal and title search. Total closing costs often range from 2,000 to 8,000 dollars depending on the home value and loan type. 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 qualifications should a reverse mortgage specialist in Shoreview have?
A qualified specialist should hold a valid Minnesota mortgage originator license and have experience with HECM loans. They must follow federal HUD guidelines and Minnesota state regulations. Look for specialists who have completed additional training in reverse mortgage products.
Are there Minnesota-specific rules for reverse mortgages?
Yes, Minnesota requires a mandatory counseling session with a HUD-approved agency before you can apply. The state also has a 3-day right of rescission after closing. Minnesota law does not allow lenders to require the purchase of other financial products with the reverse mortgage.
How does a reverse mortgage affect my Shoreview property taxes?
You must continue to pay property taxes and homeowners insurance on your Shoreview home. Failure to pay taxes can lead to default and foreclosure. A reverse mortgage specialist can help you estimate ongoing costs based on Ramsey County tax rates.