In 2024, there were 800 active reverse mortgage loans in Hennepin County, Minnesota. The average home value in Hennepin County is $450,464.56.

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

Hennepin County, located in the state of Minnesota, is the most populous county in the state, with a population of over 1.2 million residents. Known for its vibrant cultural scene, bustling downtown area, and beautiful parks and lakes, Hennepin County offers a diverse and dynamic community for its residents. The county has a rich history, being home to the city of Minneapolis, a major center for commerce and industry in the region. With an average home value of $450,464.56 and average property taxes amounting to $5,190.70, Hennepin County offers homeowners a mix of affordability and amenities. For seniors looking to tap into the value of their homes, reverse mortgages can be a useful financial tool. With the average interest rate standing at 0.0414705, seniors in Hennepin County may consider exploring the option of a reverse mortgage to supplement their retirement income and make the most of their home equity.

Reverse Mortgage Loan Origination in Hennepin County

Reverse Mortgage Home Values in Hennepin County

Reverse Mortgage Interest Rates Hennepin County

There are approximately 800 active reverse mortgage loans in Hennepin County. The average interest rate in Hennepin County is 7.48% for reverse mortgages. The average maximum claim amount (the lesser of the appraisal or lending limit), among reverse mortgage borrowers, in Hennepin County was $431,170.21 in 2024.

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

With the average home value of $431,170.21, 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 Hennepin 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 Hennepin 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 »