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Spectra Home Mortgage, Inc.
Reverse Mortgage Lender
Provides a special type of home loan that allows the homeowner to turn the equity in their home into cash.
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. 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
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Lutheran Social Service of Minnesota – LSS Financial Counseling - LSS Brainerd
Reverse Mortgage Counseling
This agency provides the Housing and Urban Development (HUD)-approved reverse mortgage counseling required for people seeking a Federal Housing Administration (FHA)-backed Home Equity Conversion Mortgage (HECM).
Federal Housing Administration (FHA)-backed reverse mortgages are called Home Equity Conversion Mortgages (HECM). In order to obtain a HECM, applicants are required to receive reverse mortgage counseling from a Housing and Urban Development (HUD)-approved reverse mortgage counselor. The counseling provides guidance on the options available under a reverse mortgage.
This agency has HUD-approved HECM counselors who provide the required consumer information sessions.
MORE INFORMATION
Offers impartial education and guidance to help you understand the pros and cons of obtaining a reverse mortgage
Services are available for Minnesota residents by phone or virtually. They also offer in-person appointments across Minnesota.
Counselors are fluent in Spanish and Hmong. In addition, American Sign Language (ASL) interpretation is available as needed.
What's Here
Fairway Independent Mortgage Corporation - Fairway Independent Mortgage Corporation - Maple Grove
Reverse Mortgage Lender
Provides a special type of home loan that allows the homeowner to turn the equity in their home into cash.
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. 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
What's Here
Catholic Charities of the Diocese of St. Cloud - Catholic Charities - St. Cloud West Campus
Reverse Mortgage Counseling
This agency provides the Housing and Urban Development (HUD)-approved reverse mortgage counseling required for people seeking a Federal Housing Administration (FHA)-backed Home Equity Conversion Mortgage (HECM).
Federal Housing Administration (FHA)-backed reverse mortgages are called Home Equity Conversion Mortgages (HECM). In order to obtain a HECM, applicants are required to receive reverse mortgage counseling from a Housing and Urban Development (HUD)-approved reverse mortgage counselor. The counseling provides guidance on the options available under a reverse mortgage.
This agency has HUD-approved HECM counselors who provide the required consumer information sessions.
What's Here
Lutheran Social Service of Minnesota – LSS Financial Counseling - LSS St. Cloud - Saint Germain
Reverse Mortgage Counseling
This agency provides the Housing and Urban Development (HUD)-approved reverse mortgage counseling required for people seeking a Federal Housing Administration (FHA)-backed Home Equity Conversion Mortgage (HECM).
Federal Housing Administration (FHA)-backed reverse mortgages are called Home Equity Conversion Mortgages (HECM). In order to obtain a HECM, applicants are required to receive reverse mortgage counseling from a Housing and Urban Development (HUD)-approved reverse mortgage counselor. The counseling provides guidance on the options available under a reverse mortgage.
This agency has HUD-approved HECM counselors who provide the required consumer information sessions.
MORE INFORMATION
Offers impartial education and guidance to help you understand the pros and cons of obtaining a reverse mortgage
Services are available for Minnesota residents by phone or virtually. They also offer in-person appointments across Minnesota.
Counselors are fluent in Spanish and Hmong. In addition, American Sign Language (ASL) interpretation is available as needed.
What's Here
Fairway Independent Mortgage Corporation - Fairway Independent Mortgage Corporation - Rochester
Reverse Mortgage Lender
Provides a special type of home loan that allows the homeowner to turn the equity in their home into cash.
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. 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
What's Here
Washington County Community Development Agency
Reverse Mortgage Counseling
This agency provides the Housing and Urban Development (HUD)-approved reverse mortgage counseling required for people seeking a Federal Housing Administration (FHA)-backed Home Equity Conversion Mortgage (HECM).
Federal Housing Administration (FHA)-backed reverse mortgages are called Home Equity Conversion Mortgages (HECM). In order to obtain a HECM, applicants are required to receive reverse mortgage counseling from a Housing and Urban Development (HUD)-approved reverse mortgage counselor. The counseling provides guidance on the options available under a reverse mortgage.
This agency has HUD-approved HECM counselors who provide the required consumer information sessions.
What's Here
Navicore Solutions - Navicore Solutions - Roseville
Reverse Mortgage Counseling
This agency provides the Housing and Urban Development (HUD)-approved reverse mortgage counseling required for people seeking a Federal Housing Administration (FHA)-backed Home Equity Conversion Mortgage (HECM).
Federal Housing Administration (FHA)-backed reverse mortgages are called Home Equity Conversion Mortgages (HECM). In order to obtain a HECM, applicants are required to receive reverse mortgage counseling from a Housing and Urban Development (HUD)-approved reverse mortgage counselor. The counseling provides guidance on the options available under a reverse mortgage.
This agency has HUD-approved HECM counselors who provide the required consumer information sessions.
What's Here
Cambria Financial Group LLC
Reverse Mortgage Lender
Provides a special type of home loan that allows the homeowner to turn the equity in their home into cash.
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. 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
What's Here
Fairway Independent Mortgage Corporation - Fairway Independent Mortgage Corporation - Sartell
Reverse Mortgage Lender
Provides a special type of home loan that allows the homeowner to turn the equity in their home into cash.
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. 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
What's Here
Lutheran Social Service of Minnesota – LSS Financial Counseling - LSS Willmar
Reverse Mortgage Counseling
This agency provides the Housing and Urban Development (HUD)-approved reverse mortgage counseling required for people seeking a Federal Housing Administration (FHA)-backed Home Equity Conversion Mortgage (HECM).
Federal Housing Administration (FHA)-backed reverse mortgages are called Home Equity Conversion Mortgages (HECM). In order to obtain a HECM, applicants are required to receive reverse mortgage counseling from a Housing and Urban Development (HUD)-approved reverse mortgage counselor. The counseling provides guidance on the options available under a reverse mortgage.
This agency has HUD-approved HECM counselors who provide the required consumer information sessions.
MORE INFORMATION
Offers impartial education and guidance to help you understand the pros and cons of obtaining a reverse mortgage
Services are available for Minnesota residents by phone or virtually. They also offer in-person appointments across Minnesota.
Counselors are fluent in Spanish and Hmong. In addition, American Sign Language (ASL) interpretation is available as needed.
What's Here
Lutheran Social Service of Minnesota – LSS Financial Counseling - LSS Duluth
Reverse Mortgage Counseling
This agency provides the Housing and Urban Development (HUD)-approved reverse mortgage counseling required for people seeking a Federal Housing Administration (FHA)-backed Home Equity Conversion Mortgage (HECM).
Federal Housing Administration (FHA)-backed reverse mortgages are called Home Equity Conversion Mortgages (HECM). In order to obtain a HECM, applicants are required to receive reverse mortgage counseling from a Housing and Urban Development (HUD)-approved reverse mortgage counselor. The counseling provides guidance on the options available under a reverse mortgage.
This agency has HUD-approved HECM counselors who provide the required consumer information sessions.
MORE INFORMATION
Offers impartial education and guidance to help you understand the pros and cons of obtaining a reverse mortgage
Services are available for Minnesota residents by phone or virtually. They also offer in-person appointments across Minnesota.
Counselors are fluent in Spanish and Hmong. In addition, American Sign Language (ASL) interpretation is available as needed.
What's Here
Fairway Independent Mortgage Corporation - Fairway Independent Mortgage Corporation - Edina
Reverse Mortgage Lender
Provides a special type of home loan that allows the homeowner to turn the equity in their home into cash.
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. 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
What's Here
Lutheran Social Service of Minnesota – LSS Financial Counseling - LSS Mankato
Reverse Mortgage Counseling
This agency provides the Housing and Urban Development (HUD)-approved reverse mortgage counseling required for people seeking a Federal Housing Administration (FHA)-backed Home Equity Conversion Mortgage (HECM).
Federal Housing Administration (FHA)-backed reverse mortgages are called Home Equity Conversion Mortgages (HECM). In order to obtain a HECM, applicants are required to receive reverse mortgage counseling from a Housing and Urban Development (HUD)-approved reverse mortgage counselor. The counseling provides guidance on the options available under a reverse mortgage.
This agency has HUD-approved HECM counselors who provide the required consumer information sessions.
MORE INFORMATION
Offers impartial education and guidance to help you understand the pros and cons of obtaining a reverse mortgage
Services are available for Minnesota residents by phone or virtually. They also offer in-person appointments across Minnesota.
Counselors are fluent in Spanish and Hmong. In addition, American Sign Language (ASL) interpretation is available as needed.
What's Here
Lutheran Social Service of Minnesota – LSS Financial Counseling - LSS Minneapolis
Reverse Mortgage Counseling
This agency provides the Housing and Urban Development (HUD)-approved reverse mortgage counseling required for people seeking a Federal Housing Administration (FHA)-backed Home Equity Conversion Mortgage (HECM).
Federal Housing Administration (FHA)-backed reverse mortgages are called Home Equity Conversion Mortgages (HECM). In order to obtain a HECM, applicants are required to receive reverse mortgage counseling from a Housing and Urban Development (HUD)-approved reverse mortgage counselor. The counseling provides guidance on the options available under a reverse mortgage.
This agency has HUD-approved HECM counselors who provide the required consumer information sessions.
MORE INFORMATION
Offers impartial education and guidance to help you understand the pros and cons of obtaining a reverse mortgage
Services are available for Minnesota residents by phone or virtually. They also offer in-person appointments across Minnesota.
Counselors are fluent in Spanish and Hmong. In addition, American Sign Language (ASL) interpretation is available as needed.
What's Here
Fairway Independent Mortgage Corporation - Fairway Independent Mortgage Corporation - Hutchinson
Reverse Mortgage Lender
Provides a special type of home loan that allows the homeowner to turn the equity in their home into cash.
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. 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
What's Here
Reverse Mortgages SIDAC, LLC - Reverse Mortgages SIDAC. LLC
Reverse Mortgage Lender
Provides a special type of home loan that allows the homeowner to turn the equity in their home into cash.
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. 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
What's Here
Luminate Bank
Reverse Mortgage Lender
Provides a special type of home loan that allows the homeowner to turn the equity in their home into cash.
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. 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
What's Here
Fairway Independent Mortgage Corporation - Fairway Independent Mortgage Corporation - Austin
Reverse Mortgage Lender
Provides a special type of home loan that allows the homeowner to turn the equity in their home into cash.
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. 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
What's Here
