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Reverse Mortgages: The Facts

Shopping for a Reverse Mortgage loan? Joe Wagner can assist you! Call Joe Wagner at 612-327-4544. Ready to get started? Apply Now.

Reverse mortgages (sometimes called "home equity conversion loans") give older homeowners the ability to tap into home equity without having to sell their home. The lender pays you funds determined by the equity you've built-up in your home; you get a lump sum, a monthly payment or a line of credit. The borrowed money doesn't have to be repaid until the homeowner sells the residence, moves away, or dies. At the time your home has been sold or is no longer used as your main residence, you (or your estate) have to repay the lender for the cash you received from the reverse mortgage plus interest and other fees.

Who can Participate?

The conditions of a reverse mortgage often include being 62 or older, maintaining your home as your primary residence, and holding a low balance on your mortgage or owning your home outright.

Many homeowners who are on a limited income and have a need for additional money find reverse mortgages helpful for their situation. Interest rates may be fixed or adjustable and the money is nontaxable and doesn't interfere with Medicare or Social Security benefits. Your lending institution can't take the property away if you outlive your loan nor may you be forced to sell your home to repay your loan amount even when the balance is determined to exceed property value. Contact us at 612-327-4544 to discuss your reverse mortgage options.

 
 

Joe Wagner answers questions about Reverse Mortgages every day. Give Joe Wagner a call at 612-327-4544. It's his job to answer lending questions, so he is happy to help! We know you're busy, so feel free to complete the form below to
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Serving all of Minnesota.
Anoka MN, Apple Valley MN, Bemidji MN, Boundary Waters MN, Brainerd MN, Bloomington MN, Coon Rapids MN, Crow Wing County MN, Dakota County MN, Bloomington MN, Eden Prairie MN, Gull Lake MN, Hennepin County MN, Hopkins MN, Lakeville MN, Lake Mille Lacs MN, Lake Minnetonka MN, Lake Nokomis MN, Lake Pepin MN, Lake Vermilion MN, Lake Winnibigoshish MN, Leech Lake MN, Maplewood MN, Mendota Heights MN, Mound MN, Orono MN, Red Lake MN, Richfield MN, Rosemount MN, Savage MN, St Louis Park MN, White Bear Lake MN, Wright County MN.

 

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Mtg Loan Rate APR
30-yr Fixed 3.89% 4.02%
15-yr Fixed 3.16% 3.33%
1-yr Adj 2.74% 3.4%
* national averages

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