In 2024, there were 9 active reverse mortgage loans in McLeod County, Minnesota. The average home value in McLeod County is $324,238.44.

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

McLeod County, located in Minnesota, is home to a diverse community and boasts a population of around 35,122 residents. The county is known for its beautiful landscapes, charming small towns, and rich agricultural heritage. With a moderate climate characterized by cold winters and warm summers, McLeod County offers residents the opportunity to experience all four seasons in their full glory. Historically, McLeod County has played a significant role in the state’s development, particularly in the agricultural sector. The average home value in McLeod County is $324,238.44, with an average property tax of $3,637.11 and an average interest rate of 3.12%. Seniors in McLeod County may benefit from considering reverse mortgages as a financial option, leveraging the equity in their homes to supplement retirement income or cover expenses. Reverse mortgages can provide older homeowners with increased financial flexibility and security as they navigate their golden years in the picturesque setting of McLeod County.

Reverse Mortgage Loan Origination in McLeod County

Reverse Mortgage Home Values in McLeod County

Reverse Mortgage Interest Rates McLeod County

There are approximately 9 active reverse mortgage loans in McLeod County. The average interest rate in McLeod County is 7.25% for reverse mortgages. The average maximum claim amount (the lesser of the appraisal or lending limit), among reverse mortgage borrowers, in McLeod County was $175,000.00 in 2024.

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

With the average home value of $175,000.00, 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 McLeod 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 McLeod 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 »