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Any person living in Minnesota, who is 62 years and older, and owns his or her own home can qualify for a Minnesota reverse mortgage. Reverse mortgages are a great option for the older Minnesota resident, because he or she can stay in his or her own home and receive extra, non-taxable, income. This extra income helps senior citizens maintain a comfortable lifestyle, since it does not affect any Social Security money they receive.

There are absolutely no restrictions on how a person uses the money he or she receives from a Minnesota reverse mortgage. The money can be used to pay bills, buy a summer vacation home, or even be given to children and grandchildren. How it is spent is completely decided by the senior citizen.

There are several other benefits to a Minnesota reverse mortgage. Senior citizens can still qualify for a reverse mortgage if they still owe money on their home. They are also given options on how they would like to receive their money; monthly, one lump sum, a line of credit, or any of the other several payment options that can be worked out with the lender. For the senior citizen on a limited income, a reverse mortgage makes it possible for him or her to set aside money for the unexpected.