Skip to main content

Reverse Mortgages SIDAC, LLC

Reverse Mortgage Lender

Reverse Mortgages SIDAC. LLC

4707 Highway 61 N, Ste 235, St. Paul, MN, 55110-3227

Distance: 1030 Miles

(651) 762-9648

Website

http://rmsidac.com/details-of-reverse-mortgages

Service Details

Description

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


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.


Fees

Standard closing costs


Business Hours

9:00am - 5:00pm, By appointment


Area Served

Statewide


Websites

Phone Numbers

Type Number Hours
Main (651) 762-9648
Toll Free (877) 590-9648

Last Update

6/2/2020

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.

Taxonomy Terms Used. Clicking a taxonomy term from the list below launches a new search.: Clicking a taxonomy term from the list below launches a new search.