In 2024, there were 37 active reverse mortgage loans in Rice County, Minnesota. The average home value in Rice County is $375,219.41.

Click here to get a reverse Mortgage Quote in Rice County, Minnesota

To avoid scams, make sure you are working with a licensed lender in Minnesota. South River Mortgage is a fully licensed lender in Minnesota. The MN state regulator requires mortgage lenders to be explicitly approved to make loans and hold a license. South River Mortgage proudly holds the Minnesota Mortgage Lender License in MN, and our state license identifier is MN-MO-1854525.  We also maintain active approval with HUD/FHA.

Reverse Mortgage Loans in Rice County

Rice County, located in the state of Minnesota, is known for its charming small towns, scenic countryside, and rich history. With a population of approximately 66,523 residents, the county enjoys a diverse community and a welcoming atmosphere. The area is known for its agricultural heritage, with farms and vineyards dotting the landscape, as well as its vibrant arts scene, historic architecture, and outdoor recreational opportunities. The average home value in Rice County is $375,219.41, with an average property tax of $3,446.81 and an average interest rate of 4.30%. For seniors looking to supplement their retirement income, a reverse mortgage can be a viable option. With a reverse mortgage, homeowners aged 62 and older can tap into their home equity to receive funds that can help them with living expenses, healthcare costs, or home renovations. This financial tool can provide added flexibility and stability for seniors looking to enhance their financial well-being in their golden years.

Reverse Mortgage Loan Origination in Rice County

Reverse Mortgage Home Values in Rice County

Reverse Mortgage Interest Rates Rice County

There are approximately 37 active reverse mortgage loans in Rice County. The average interest rate in Rice County is 7.37% for reverse mortgages. The average maximum claim amount (the lesser of the appraisal or lending limit), among reverse mortgage borrowers, in Rice County was $429,000.00 in 2024.

Click here to get a Reverse Mortgage Quote in Rice County, Minnesota »

Note that our loan origination data will not exactly match FHA’s HECM portfolio snapshot. This discrepancy occurs because FHA’s reports are limited to loans endorsed by FHA (i.e. HECMs only). We use a series of custom data criteria that make it possible to identify all reverse mortgages: HECMs, proprietary, and even single-purpose reverse mortgages.

Jumbo Reverse Mortgage in Rice County, MN

With the average home value of $429,000.00, you may be wondering about the opportunities for jumbo loans.

The FHA has increased the HECM lending limit to $1,209,750 for 2025. If your property is valued above the HECM lending limit, you may be eligible for additional proceeds through the HomeForLife jumbo reverse mortgage.

Reverse Mortgage Refinance (HECM to HECM) in Rice County

It might make sense to refinance your reverse mortgage. There are many situations where refinancing could be very beneficial to you:

• You want to get more cash out because your home value has increased substantially
• You want to pay less in interest by obtaining a lower interest rate
• You want to add a loved one to the reverse mortgage

As a bonus, South River Mortgage can sometimes provide multiple benefits at once, depending on the situation. There have been cases where we can help secure a lower interest rate and additional cash. In some cases, we have been able to do all three benefits: lower rate, more cash, and adding a son or daughter onto the mortgage.

South River Mortgage can help you refinance your reverse mortgage. Get a quote today »

Reverse for Purchase (HECM for Purchase) in Rice County

You can now purchase a home with a reverse mortgage in {county}, MN. The reverse for purchase lets homebuyers purchase the home and get a reverse mortgage in a single transaction. The requirements for a reverse for purchase are very similar to the traditional reverse mortgage program.

Purchasing a home with a reverse mortgage has many benefits:

• No monthly mortgage payment (although you’d still be responsible for property taxes and homeowner’s insurance)
• The home being purchased would meet HUD’s property requirements or minimum property standards (this helps keep the home safe for occupants)

Learn what your down payment would be using our Reverse for Purchase calculator. Or, get pre-approved today »