Reverse Mortgages SIDAC, LLC - Reverse Mortgages SIDAC. LLC

This lender is authorized to provide reverse mortgages under the Federal Housing Administration (FHA) Home Equity Conversion Mortgage (HECM) program. A reverse mortgage is a special type of loan that provides the opportunity for homeowners 62 years or older to borrow against the equity in their homes. A reverse mortgage allows homeowners to withdraw a portion of the homes equity to use for home maintenance, repairs, or general living expenses. HECM borrowers may reside in their homes indefinitely if property taxes and homeowners' insurance are kept current. However, interest is charged on the money you receive, so the balance on your loan will increase over time. Because equity is the value of your home minus the money you received and the accumulated interest, you will have less equity in your home as your loan balance increases. The Minnesota Department of Commerce provides the following Consumer Warnings for Minnesota Seniors: a. A reverse mortgage reduces, and may eventually eliminate all, equity in the home. If your intent is to leave a paid-off home for your heirs, obtaining a reverse mortgage will be problematic. b. The recipient of a reverse mortgage MUST continue to pay the taxes and insurance on the property. If they do not, the property can ultimately be taken from the homeowner. c. If one spouse is under the age of 62, they should talk with the reverse mortgage counselor about what happens to the mortgage and property if the spouse that was 62 or older passes away. Prior to getting a reverse mortgage you are required to work with a certified reverse mortgage counseling service and obtain a certificate verifying your participation. You can find a HECM counselor in Minnesota Aging and Disability Resources. Search on "reverse mortgage counseling" or call the Housing and Urban Development (HUD) counseling interactive voice system at (800) 569-4287. Further information about reverse mortgages can be found at:

• The U.S. Department of Housing and Urban Development - Home Equity Conversion Mortgages for Seniors
• The Minnesota Department of Commerce – Reverse Mortgages

08/11/2026