Searching for the best deal on a reverse mortgage in St. Paul, Minnesota? Meet Tim Frid.
Reverse Mortgage Specialist
St. Paul, Minnesota Reverse Mortgage Lenders
Progressive Lending Solutions is one of the highest-rated mortgage companies in the Better Business Bureau and one of the oldest brokerages in Minnesota. We specialize in properties in all parts of Minnesota and Wisconsin. We are especially familiar with the communities of St. Paul, Eagan, Woodbury, Hudson, and Baldwin. We know how overwhelming shopping for the best loan program can be, especially not knowing who to trust – but here at Progressive Lending Solutions, we will help develop your individual needs and then work with you on finding the right loan for you.
St. Paul Reverse Mortgage Facts
How many of your neighbors have done a reverse mortgage? Here are some interesting facts about reverse mortgages and the housing market in the greater St. Paul and the Twin City area.
In 2021 the median home value in St. Paul was $275,004. The current maximum lending limit for FHA-insured reverse mortgages is $970,800 which means most homes in St Paul and the surrounding suburbs would see most if not all of their full home value considered in the calculation of the potential maximum reverse mortgage loan benefit. Homes above $970,800 may choose to apply for a private jumbo reverse mortgage for higher-valued properties.
Reverse mortgages calculate the maximum available loan benefit (before fees, costs, and lien payoffs) for qualified borrowers based on the home’s appraised value, the age of the youngest borrower,
or named non-borrowing spouse, and the current/starting effective interest rate.
About St. Paul, Minnesota
The early settlement that would one day become Saint Paul was once known as ‘Pig’s Eye Landing. That peculiar moniker was soon replaced in 1841, when the Roman Catholic missionary Lucien Galtier constructed a log chapel dedicated to the venerable Apostle Paul. Saint Paul was now the city’s official name. In 1849 St Paul became the capital of the Minnesota Territory, and later the state’s capital when Minnesota was officially admitted to the Union in 1858.
Nearby attractions include Minnehaha Falls, Como Park Zoo & Conservancy, the Minnesota State Capitol, the Cathedral of Saint Paul, and the Minnesota Museum of Art.
Tim and his team at Progressive Lending Solutions are ready to answer any questions or concerns you may have about a reverse mortgage. It's important to get the facts first, discuss your unique goals and needs, and see how much you may be able to qualify for with a reverse mortgage.
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