In 2024, there were 124 active reverse mortgage loans in St. Louis County, Minnesota. The average home value in St. Louis County is $324,865.16.

Click here to get a reverse Mortgage Quote in St. Louis 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 St. Louis County

St. Louis County, located in the state of Minnesota, is a picturesque area known for its stunning natural beauty, vibrant communities, and rich history. As one of the largest counties in the state, St. Louis County is home to a diverse population and offers a range of outdoor recreational opportunities, including hiking, fishing, and skiing. The county’s unique blend of urban and rural settings makes it a popular destination for those looking to enjoy both city amenities and the tranquility of the great outdoors. With an average home value of $324,865.16 and an average property tax of $2,729.44, St. Louis County offers homeowners a mix of affordability and value. Seniors in the county may be interested in exploring the option of a reverse mortgage, a financial tool that can provide additional income by leveraging the equity in their homes. With an average interest rate of 0.0394, a reverse mortgage could be a beneficial option for seniors looking to supplement their retirement income while remaining in their beloved homes in St. Louis County.

Reverse Mortgage Loan Origination in St. Louis County

Reverse Mortgage Home Values in St. Louis County

Reverse Mortgage Interest Rates St. Louis County

There are approximately 124 active reverse mortgage loans in St. Louis County. The average interest rate in St. Louis County is 7.38% for reverse mortgages. The average maximum claim amount (the lesser of the appraisal or lending limit), among reverse mortgage borrowers, in St. Louis County was $226,428.57 in 2024.

Click here to get a Reverse Mortgage Quote in St. Louis 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 St. Louis County, MN

With the average home value of $226,428.57, 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 St. Louis 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 St. Louis 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 »