Reverse Mortgage Lender
Mortgages Unlimited Inc
7365 Kirkwood Ct N, Ste 300, Maple Grove, MN, 55369-4736
Distance: 1050 Miles
This lender is authorized to provide reverse mortgages under the FHA Home Equity Conversion Mortgage (HECM) program. A reverse mortgage is a special type of loan that provides the opportunity for homeowners 62 years or older to borrow against the equity in their homes. A reverse mortgage allows homeowners to access that equity in the form of cash - either as a lump sum payment, a monthly payout or a line of credit. It is called a "reverse" mortgage because you receive money from the lender instead of having to make payments.
Reverse mortgages might be attractive options for seniors with limited incomes and financial uncertainty. However, these types of mortgages are complicated financial products that often have significant costs and risks that need to be considered.
The Minnesota Department of Commerce provides the following Consumer Warnings for Minnesota Seniors:
a. A reverse mortgage reduces, and may eventually eliminate all, equity in the home. If your intent is to leave a paid-off home for your heirs, obtaining a reverse mortgage will be problematic.
b. The recipient of a reverse mortgage MUST continue to pay the taxes and insurance on the property. If they do not, the property can ultimately be taken from the homeowner.
c. If one spouse is under the age of 62, they should talk with the reverse mortgage counselor about what happens to the mortgage and property if the spouse that was 62 or older passes away.
Prior to getting a reverse mortgage you are required to work with a certified reverse mortgage counseling service and obtain a certificate verifying your participation. You can find a HECM counselor in MinnesotaHelp.info Search on "reverse mortgage counseling" or call HUD's housing counseling interactive voice system at (800) 569-4287.
Further information about reverse mortgages can be found at:
* Home Equity Conversion Mortgage (HECM)
* Minnesota Department of Commerce reverse mortgages
- Older adults
To apply for a reverse mortgage, you must be at least 62 years old, live in the home and have paid off all or most of your mortgage.
Call (800) 601-5626 or (763) 416-2600 and ask for Mike Kraus
8:30am - 5:00pm, Monday - Friday
Offices located in Maple Grove, West St Paul, Eagan, Otsego/Elk River, Edina/Bloomington, Woodbury, Stillwater, and Rice Lake
This provider does not offer this service at other locations.
Other Services or resources
This provider does not offer other services or resources at this location.
Taxonomy Terms Used: Clicking a taxonomy term from the list below launches a new search.
LH-4000.7000Reverse Mortgage Programs Definition
Programs that make an arrangement which allows older adults who have equity in their homes to obtain cash from their homes without selling them in order to pay for home health care and other needed services and avoid institutionalization (or to use for other purposes). The individual may either obtain a reverse annuity mortgage which provides an annual income for the individual and may also include a lifetime tenancy, or sell and lease back his/her home on a basis that guarantees lifetime tenancy. The institution providing the annuity receives title to the house or cash from the sale only when the older person dies or moves away. In the sale-leaseback arrangement, the title to the house is transferred to the lender immediately. Most of these programs provide counseling regarding the general benefits of reverse mortgages, and some may evaluate an individual's personal financial situation and recommend a reverse mortgage if it would be to the person's advantage.