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Mortgages Unlimited Inc

Reverse Mortgage Lender

Mortgages Unlimited, Inc.

7365 Kirkwood Ct N, Maple Grove, MN, 55369

Distance: 1530 Miles

(763) 416-2600

Website

https://muihomeloans.mymortgage-online.com/ReverseMortgage.html

Service Details

Description

This lender is authorized to provide reverse mortgages under the Federal Housing Administration (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 the Housing and Urban Development (HUD) counseling interactive voice system at (800) 569-4287.


Further information about reverse mortgages can be found at:
* The U.S. Department of Housing and Urban Development - Home Equity Conversion Mortgages for Seniors
* The Minnesota Department of Commerce – Reverse Mortgages


Features

  • Specialization
    • Older adults 

Eligibility

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.


Area Served

Twin Cities Metro area


Websites

Last Update

11/8/2022

Other Locations

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.

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