Business Details
27 Years
experience
Your Trusted Reverse Mortgage Partner in St. Paul, MN
Reverse Mortgages SIDAC, LLC, founded in 1999, is a Minnesota-based leader in reverse mortgage solutions. Our team, led by Certified Reverse Mortgage Professional Beth Paterson and Steve Loney, brings decades of specialized expertise to homeowners aged 62 and older. We focus exclusively on reverse mortgages, offering tailored guidance to help clients convert home equity into financial security. Our streamlined processing ensures closings within 30-45 days, supported by a network of HUD-approved lenders. We prioritize personalized service, meeting clients in their homes and providing ongoing support post-closing.Our commitment to transparency includes no application fees and accurate cost estimates. Recognized for integrity and industry leadership, we empower clients with resources like Beth Patersons book *Understanding Reverse Mortgages*. Adhering to a strict code of conduct, we ensure privacy, avoid cross-selling, and maintain a client-first approach. Our reputation for excellence is reflected in 100% customer satisfaction and testimonials from grateful borrowers.
Services
HECM Reverse Mortgages
Fixed Rate Reverse Mortgages
Adjustable Rate Reverse Mortgages
HECM for Purchase
Reverse Mortgage Counseling
Details
- Year established: 1999
Highlights and features
- We specialize exclusively in reverse mortgages with 25+ years of industry experience.
- We offer all HECM programs and work with multiple lenders to find your best fit.
- We meet clients in-person, providing personalized guidance at home or office.
- Our Minnesota-based processing ensures faster closings (30-45 days).
- We maintain 100% transparency with no application fees and accurate cost estimates.
Associations and certifications
- Certified Reverse Mortgage Professional (CRMP)
What people say
Expert guidance
Personalized service
Stress-free process
Financial relief
Professional team
Services
HECM Reverse Mortgages
HECM Reverse Mortgages allow seniors 62+ to convert home equity into cash without monthly payments. Funds can be used for debt repayment, home repairs, or retirement expenses. Borrowers retain ownership while accessing tax-free proceeds, with loan repayment deferred until the home is no longer their primary residence.
Fixed Rate Reverse Mortgages
Fixed Rate Reverse Mortgages provide a one-time lump sum at closing, ideal for paying off existing mortgages or large expenses. Interest rates remain constant, offering predictability. Funds are unavailable for future draws, making this best for immediate, full-equity needs.
Adjustable Rate Reverse Mortgages
Adjustable Rate Reverse Mortgages offer lines of credit, monthly payments, or combinations. Rates adjust annually, with growing credit lines increasing available funds over time. This option suits those needing ongoing access to equity for long-term financial planning.
HECM for Purchase
HECM for Purchase enables seniors to buy a new primary residence using reverse mortgage proceeds. No monthly payments are required, allowing buyers to downsize, relocate, or move closer to family while retaining financial flexibility.
Reverse Mortgage Counseling
Mandatory HUD-certified counseling ensures clients understand reverse mortgage terms, responsibilities, and alternatives. Our team coordinates sessions to clarify financial implications, property tax obligations, and long-term care planning.
People
Beth Paterson
President, Certified Reverse Mortgage Professional (CRMP)
Beth Paterson has led Reverse Mortgages SIDAC since 1999, specializing in reverse mortgages. She authored *Understanding Reverse Mortgages* and provides expert guidance to seniors, ensuring informed decisions and financial security.
Steve Loney
Loan Officer
Steve Loney brings extensive reverse mortgage experience, assisting clients with tailored solutions. His expertise in processing and client communication ensures smooth transactions and post-closing support for Minnesota seniors.
Questions
What is a reverse mortgage?
A reverse mortgage allows seniors 62+ to convert home equity into cash without monthly payments. The loan is repaid when the home is sold or no longer the primary residence.
How can I use reverse mortgage proceeds?
Funds can pay off existing mortgages, cover medical expenses, finance home repairs, or supplement retirement income. There are no restrictions on usage.
Are reverse mortgages safe?
HECM reverse mortgages are FHA-insured, non-recourse loans. Borrowers or heirs never owe more than the home’s value at repayment, ensuring financial security.
Can I lose my home with a reverse mortgage?
Borrowers must pay property taxes, insurance, and maintain the home. Failure to meet these obligations may result in foreclosure, but lenders provide guidance to avoid this.
What are the eligibility requirements?
Homeowners must be 62+, own the home outright or have significant equity, and meet HUD’s financial assessment criteria for taxes and insurance.
Can I refinance a reverse mortgage?
Yes, refinancing may be beneficial if home values rise or rates drop. We evaluate your situation to ensure costs justify additional proceeds.
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