Dakota County covers Burnsville, Eagan, Apple Valley, Lakeville, Rosemount, Farmington, Inver Grove Heights and West St. Paul, with roughly 450,000 residents. It has the largest supply of association-maintained townhomes and 55+ communities in the southern metro, which is exactly why more HECM for Purchase transactions happen here than anywhere else Brian works.
The Dakota County market
Single-family homes generally run $300,000 to $500,000, with executive and newer construction in Eagan and Lakeville reaching $550,000 to $850,000. Townhomes trade in the $220,000 to $360,000 range. Nearly all of Dakota County sits comfortably below the FHA lending limit, so the standard HECM covers most scenarios without needing a proprietary product.
| Population | ≈ 450,000 |
|---|---|
| County seat | Hastings |
| Typical single-family range | $300,000 – $500,000 |
| Townhome range | $220,000 – $360,000 |
| 2026 FHA HECM limit | $1,249,125 |
| Most common HECM use | HECM for Purchase downsize |
Typical ranges Brian sees locally, not appraisals or quotes.
How a HECM is actually used here
The classic Dakota County move is selling a 1980s split-level, buying a townhome with roughly half of the proceeds using a HECM for Purchase, and keeping the rest, with no required monthly mortgage payment on the new home. The second pattern is straightforward payment relief for owners still carrying a small first mortgage.
- Association dues on a Dakota County townhome are part of the FHA financial assessment, so bring the HOA figure to your first conversation.
- Burnsville and Apple Valley have large concentrations of 1970s and 1980s homes, which means deep equity paired with deferred maintenance FHA will want addressed.
- Dakota County tax and special-assessment cycles can affect timing. Brian pulls parcel data before quoting numbers.
- HUD counseling for Dakota County homeowners is generally handled by phone through approved statewide agencies.
Cities Brian serves in Dakota County
Statewide rules still apply
Every Dakota County reverse mortgage follows the same Minnesota rules: HUD counseling before an application can be taken, a seven-calendar-day cooling-off period between the written commitment and closing, and a federal three-business-day right of rescission afterward. The full breakdown is in the Minnesota reverse mortgage guide, and the plain-English basics are in what is a reverse mortgage.