Lutheran Social Service - LSS Financial Counseling Service
Reverse Mortgage Counseling
LSS Financial Counseling Service - Brainerd
716 E St NE, Brainerd, MN, 56401
(888) 577-2227
lssfinancialcounseling@lssmn.org
https://www.lssmn.org/financialcounseling/financial-wellness-services/reverse-mortgage-counseling
Service Details
Description
Federal Housing Administration (FHA)-backed reverse mortgages are called Home Equity Conversion Mortgages (HECM). In order to obtain a HECM, applicants are required to receive reverse mortgage counseling from a Housing and Urban Development (HUD)-approved reverse mortgage counselor. The counseling provides guidance on the options available under a reverse mortgage.
This agency has HUD-approved HECM counselors who provide the required consumer information sessions.
Additional Information
Offers impartial education and guidance to help you understand the pros and cons of obtaining a reverse mortgage
Services are available for Minnesota residents by phone or virtually. They also offer in-person appointments across Minnesota.
Counselors are fluent in Spanish and Hmong. In addition, American Sign Language (ASL) interpretation is available as needed.
Features
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Area Served by County
- Aitkin County
- Anoka County
- Becker County
- Beltrami County
- Benton County
- Big Stone County
- Blue Earth County
- Brown County
- Carlton County
- Carver County
- Cass County
- Chippewa County
- Chisago County
- Clay County
- Clearwater County
- Cook County
- Cottonwood County
- Crow Wing County
- Dakota County
- Dodge County
- Douglas County
- Faribault County
- Fillmore County
- Freeborn County
- Goodhue County
- Grant County
- Hennepin County
- Houston County
- Hubbard County
- Isanti County
- Itasca County
- Jackson County
- Kanabec County
- Kandiyohi County
- Kittson County
- Koochiching County
- Lac qui Parle County
- Lake County
- Lake of the Woods County
- Le Sueur County
- Lincoln County
- Lyon County
- Mahnomen County
- Marshall County
- Martin County
- McLeod County
- Meeker County
- Mille Lacs County
- Morrison County
- Mower County
- Murray County
- Nicollet County
- Nobles County
- Norman County
- Olmsted County
- Otter Tail County
- Pennington County
- Pine County
- Pipestone County
- Polk County
- Pope County
- Ramsey County
- Red Lake County
- Redwood County
- Renville County
- Rice County
- Rock County
- Roseau County
- Scott County
- Sherburne County
- Sibley County
- St. Louis County
- Statewide
- Stearns County
- Steele County
- Stevens County
- Swift County
- Todd County
- Traverse County
- Wabasha County
- Wadena County
- Waseca County
- Washington County
- Watonwan County
- Wilkin County
- Winona County
- Wright County
- Yellow Medicine County
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Specialization
- Older adults
Eligibility
* Must be a Minnesota resident and homeowner who is 62 years of age or older
* Own your home outright or have a mortgage balance that can be paid off at closing with proceeds from the reverse mortgage or other personal funds
* Live in the home as your primary residence
* Not be delinquent on any federal debt
* Participate in a consumer information session given by an approved Home Equity Conversion Mortgage counselor
Fees
Free or low cost
Area Served
Statewide
Websites
Phone Numbers
| Type | Number | Hours |
|---|---|---|
| Toll Free | (888) 577-2227 |
Last Update
11/22/2024
Other Locations
- LSS Financial Counseling Service - Duluth 1330 E Superior St, Ste 203, Duluth, MN, 55805
- LSS Financial Counseling Service - Mankato 710 S 2nd St, Mankato, MN, 56001
- LSS Financial Counseling Service - Minneapolis 2400 Park Ave, Center for Changing Lives, Minneapolis, MN, 55404
- LSS Financial Counseling Service - St. Cloud 2835 W Saint Germain St, St. Cloud, MN, 56301
- LSS Financial Counseling Service - Willmar 1601 Highway 12 E, Ste 6, Willmar, MN, 56201
Other Services or resources
Taxonomy Terms Used: Clicking a taxonomy term from the list below launches a new search.
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BH-3700.3200HUD Approved Counseling Agencies Definition
Agencies funded by the federal Office of Housing and Urban Development to provide prepurchase and mortgage default counseling, home equity conversion (reverse mortgage) counseling and information about the HUD rent assistance program for current and prospective purchasers and tenants.
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LH-4000.7000Reverse Mortgage Programs Definition
Programs that make an arrangement which allows older adults who have equity in their homes to obtain cash from their homes without selling them in order to pay for home health care and other needed services and avoid institutionalization (or to use for other purposes). The individual may either obtain a reverse annuity mortgage which provides an annual income for the individual and may also include a lifetime tenancy, or sell and lease back his/her home on a basis that guarantees lifetime tenancy. The institution providing the annuity receives title to the house or cash from the sale only when the older person dies or moves away. In the sale-leaseback arrangement, the title to the house is transferred to the lender immediately. Most of these programs provide counseling regarding the general benefits of reverse mortgages, and some may evaluate an individual's personal financial situation and recommend a reverse mortgage if it would be to the person's advantage.