Homeowners 62 and older can use the equity in their home NOW with a reverse mortgage. A reverse mortgage loan is a specifically designed home equity loan for seniors with no income or credit requirements. This is a mortgage in reverse where the borrower receives payments instead of making monthly payments and the loan is paid off when the home is no longer the primary residence of the borrower.
Being seniors are on a fixed income they generally don’t qualify for a conventional home equity loan. The reverse mortgage, a special home loan for seniors on a fixed income, has one LOW INTEREST rate for all borrowers regardless of income or credit.
There are no limitations on how the reverse mortgage proceeds are used and Minnesota reverse mortgage borrowers have security, independence, dignity, and control during their retirement years.
Click here to learn how others have used their reverse mortgage proceeds.Reverse Mortgages SIDAC, serving all of Minnesota, is the trusted advisor and Minnesota reverse mortgage lender of choice providing financing for seniors by specializing only in reverse mortgages. Located in the Twin Cities metro area, besides originating in St. Paul, Minneapolis and the nine county metro area, we personally assist seniors throughout the state of Minnesota.
The reverse mortgage home loan programs available in Minnesota include:
- The HUD FHA government insured HECM (Home Equity Conversion Mortgage):
Because we offer ALL reverse mortgage home loans available in Minnesota, we review all the options and help you determine which is the best reverse mortgage program for your situation.
Click here to learn what others have said.The HUD reverse mortgage program, the Home Equity Conversion Mortgage or HECM, has been the most common of reverse equity mortgage programs offering the lowest interest rate and the most flexibility. Currently it is the only available reverse mortgage program in Minnesota.
Click here to learn about the reverse mortgage programs.Do you want to have security, independence, dignity, and control?
Reverse Mortgages SIDAC can help you.
If you are considering a reverse mortgage in Minnesota
contact us for a no obligation, FREE quote - we'll even meet with you in the privacy of your home to educate you on reverse mortgages.