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

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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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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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The specific amount depends on several factors, including:

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

  •  A “maturity event” —…
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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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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

(214)

Larry was great at explaining the procedure Larry was great at explaining the procedure. Kept me up to date on what was happening next and answered all my questions quickly. Would recommend him to anyone looking for same solution

Susan G — Jul 16, 2022

Clone Larry! When we met Larry McAnarney, it did not take long to feel comfortable. There was no high pressure feeling; he answered our questions and put us at ease. Larry was great! Our Hud counselor, and the gentleman who did our closing were very good, too. Only one problem.....we should have done it sooner. Larry gets SIX stars. Bernice and Dave

Bernice & Dave L — Oct 28, 2014

Exceptional Mortgage Loan Specialist This is my 3rd reverse mortgage due to real estate values increasing in the area. The entire process was done via phone and email...mostly email. Larry McAnarney was very easy to work with, very professional, very responsive with answers to questions re: the program and/or documents. His answers were short, precise, and clear. The remote process of this reverse mortgage was every bit as easy as the previous loans that were done face to face. I am not sure how the process could have been any easier or smoother. Thank You!! Exceptional Mortgage Loan Specialist    

Bruce M — Jan 17, 2022

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