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.

Get a Quote
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

(208)

Larry was the Consummate Professional Larry was the consummate professional and helped to expedite this process. We had many questions and Larry always found time to answer all of them in promptly. He kept us apprised of the process and offered explanation of how our application could be viewed by underwriting. I highly recommend Larry and endorse the reverse mortgage. The process was very smooth and done in record time as we had requested. Many thanks.

Caryn U — Nov 23, 2015

Patience & Professionalism Larry helped us through every step of the process with patience and professionalism. He answered all our questions. In addition, Larry is very kind and understanding. We are so happy that he was recommended to us by our nephew and financial advisor.      

Tom & Jean C — Sep 26, 2018

Larry is the Reason We Chose to Proceed Larry McAnarney is the reason we chose to proceed with a reverse mortgage. I had spoken to several individuals with other companies, always feeling after lengthy conversations we were being pressured. After Larry took the time and patience to explain the entire process and had the professional ability to access our financial situation, we knew we could trust and rely on his assistance. Our understanding of the process prior to Larry, was uninformed. We were not pressured in any way and truly feel had a reverse mortgage not been a benefit to us, Larry would have advised us to not pursue a reverse mortgage, even if it meant loosing a client. Larry is a kind, caring and ( very very patient) man. Thank you Larry!    

Larry & Joy B — Feb 14, 2020

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