In 2024, there were 69 active reverse mortgage loans in Scott County, Minnesota. The average home value in Scott County is $524,669.54.

Click here to get a reverse Mortgage Quote in Scott 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 Scott County

Scott County, located in the state of Minnesota, is home to a diverse population and boasts a rich historical heritage. With an average home value of $524,669.54 and an average property tax of $4,896.04, the county offers a desirable residential environment. The area is known for its scenic beauty, vibrant communities, and excellent schools, making it an attractive destination for families and individuals alike. Additionally, with an average interest rate of 0.0408, the real estate market in Scott County is thriving, providing homeowners with secure investments. For seniors looking to supplement their retirement income, Scott County offers opportunities for utilizing reverse mortgages. This financial tool allows homeowners aged 62 and older to access the equity in their homes, providing a source of funds for living expenses or other needs. With the county’s strong property values and favorable interest rates, seniors may find reverse mortgages to be a valuable option for enhancing their financial stability during retirement.

Reverse Mortgage Loan Origination in Scott County

Reverse Mortgage Home Values in Scott County

Reverse Mortgage Interest Rates Scott County

There are approximately 69 active reverse mortgage loans in Scott County. The average interest rate in Scott County is 7.4% for reverse mortgages. The average maximum claim amount (the lesser of the appraisal or lending limit), among reverse mortgage borrowers, in Scott County was $485,000.00 in 2024.

Click here to get a Reverse Mortgage Quote in Scott 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 Scott County, MN

With the average home value of $485,000.00, 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 Scott 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 Scott 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 »