Am I eligible?
In order to be eligible, all of the following conditions
must be met:
- You must be 65 years or older and
own and occupy the property as a homestead. If you’re married, your spouse must
also be at least 65 when the first deferral is granted.
- Your total household income cannot exceed $60,000 in the calendar year prior to
the year you apply.
- At least one of the homeowners must have owned and occupied the property as
their homestead for at least 15 years prior to the year of application.
- There can be no state or federal tax liens or judgment liens on the property.
- Total of debts secured by mortgages and other liens against the property cannot
exceed 75 percent of the property’s estimated market value.
Source: MN Revenue Deferral Application
FAQ's
Am I still eligible if I have a reverse mortgage?
Am I still eligible if my home needs a lot of repairs?