Minnesota Reverse Mortgage Information

Minnesota Reverse Mortgage Information

Welcome to the Minnesota Reverse Mortgage Information Center

Welcome to Mutual of Omaha Reverse Mortgage, your premier destination for comprehensive information on reverse mortgages in the North Star State. If you're a homeowner aged 62 or older in Minneapolis/St Paul, Duluth, Rochester, or anywhere else, discover how you can leverage your home equity to achieve financial security and peace of mind in retirement.

Why Choose a Reverse Mortgage in Minnesota?

Minnesota offers a unique blend of natural beauty, vibrant communities, and a rich cultural heritage, making it a sought-after location for retirees. With a reverse mortgage, Minnesota homeowners can access their home equity without the burden of monthly mortgage payments, providing flexibility to enjoy retirement in the Land of 10,000 Lakes.

Larry McAnarney: Your Trusted Reverse Mortgage Expert

Larry McAnarney, HECM Loan Specialist

Larry McAnarney

HECM Loan Specialist

NMLS# 21059 | 815-703-4745

We're proud to have Larry McAnarney leading our team of reverse mortgage specialists. Since 1999 Larry has been a trusted authority in the field of reverse mortgages. As a Certified Senior Advisor (CSA), Larry is dedicated to providing expert guidance and support to Minnesota homeowners looking to unlock the potential of their home equity.

Your Partner in Financial Freedom

As a division of Mutual of Omaha Mortgage, we have the backing of one of the most trusted names in the financial services industry. Mutual of Omaha Reverse Mortgage is committed to upholding the highest standards of integrity, reliability, and customer satisfaction. Our team of reverse mortgage specialists is here to guide you through every step of the reverse mortgage process, ensuring that you have the information and support you need to make confident decisions about your financial future.

Your Path to Financial Freedom Starts Here

Whether you're looking to supplement your retirement income, cover medical expenses, or fund home renovations, a reverse mortgage could be the solution you've been searching for. Explore our comprehensive resources on reverse mortgages in Minnesota, including informative guides, articles, and tools designed to help you make informed decisions about your home equity.

Get Started Today

Ready to take the next step towards financial freedom? Contact Larry today at 815-703-4745 to schedule a consultation. Your path to financial security starts here.

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Below are just a few of the Minnesota cities and counties where you can obtain a reverse mortgage.

Reverse Mortgage Frequently Asked Questions

Yes, refinancing is possible. This option may be to your advantage if your home increases in value, making more funds available.

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A HECM is a reverse mortgage loan that's insured by the Federal Housing Administration (FHA).

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You’ll repay the loan balance, any fees that have been added, and the accrued interest. Homeowners (or their heirs) usually…

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Use the proceeds for the things you need and want. For example: refinancing your existing mortgage(s) to improve cash flow; consolidating…

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Reverse mortgages are available with either fixed or variable rates. Borrowers who elect a fixed-rate…

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The funds from a reverse mortgage generally do not affect regular Social Security or Medicare benefits. However, needs-based benefits, such as Medicaid…

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A reverse mortgage is a home-secured loan that’s exclusively for homeowners and homebuyers age 62 and older. It allows borrowers to convert some of…

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You have a number of choices for how you receive your funds:

  • Lump sum
  • Monthly…
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A reverse mortgage offers certain advantages:

  • With a traditional home equity loan or home equity line of credit, you…
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The specific amount depends on several factors, including:

  • Your…
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With the exception of a fee for government-required reverse mortgage counseling, most of the fees associated with a reverse mortgage can be financed…

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Yes. For many homeowners age 62 and older who are looking to refinance their mortgage(s) or consolidate debt to reduce their monthly bills, a reverse…

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Typically, reverse mortgage loan funds are not subject to income tax. Contact your tax advisor for additional details.

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The other borrower continues to own and live in the home — and enjoy all the benefits of their reverse mortgage.

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The loan must be paid in full when one of the following occurs:

  •  A “maturity event” —…
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To be eligible for a reverse mortgage, you’ll need to meet the requirements set by the federal government:

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Yes, with the HECM (Home Equity Conversion Mortgage) for Purchase loan, qualified borrowers can use their loan proceeds…

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Verified Reviews


Larry Takes the Time Necessary Larry takes the time necessary to make sure everyone in both the purchasing and selling groups understand the complete Reverse Mortgage for Purchase program. Larry does not hurry through the answers to questions, but does not waste time either. He will be the one suggested on any future transactions that need his help and assistance.    

Ray K — Feb 17, 2020

Larry was Very Helpful Larry was very helpful, He answered all my questions and returned phone calls promptly. I would highly recommend Larry for any of my friends have decided to get a reverse mortgage    

Bill M — Dec 31, 2020

It Was Great It was great .

Megan W — Jun 29, 2023

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