Reverse Mortgage Specialists in Arlington Heights, IL
Directory of reverse mortgage specialists in Arlington Heights, Illinois. Verify credentials with the state state mortgage licensing authority before hiring.
Important: Listings are compiled from publicly available sources and have not been independently verified by BeforeMortgageUSA.com. We do not endorse any broker or guarantee outcomes. Verify licensing and disciplinary status with the
State Mortgage Licensing Authority of Illinois before hiring.
Showing 6 reverse mortgage specialists in Arlington Heights, IL
Listings are displayed in no particular order and are not ranked by BeforeMortgageUSA. Order does not constitute a recommendation or endorsement of any broker.
What Does a Reverse Mortgage Specialist in Arlington Heights Cost?
Typical costs for a reverse mortgage in Illinois include an origination fee up to 2 percent of the home value a mortgage insurance premium of 2 percent of the appraised value and third-party fees for appraisal title and recording. Total closing costs often range from 3000 to 8000 depending on the home value and lender. Illinois does not cap these fees but requires full disclosure on the Loan Estimate. This is general information not mortgage or financial advice.
* Cost estimates are general ranges based on publicly available data and compiled using automated research tools. Actual fees vary by agent and case complexity. This is not mortgage or financial advice — consult directly with an agent for fee specifics.
Frequently Asked Questions
What are the age requirements for a reverse mortgage in Arlington Heights Illinois?
You must be at least 62 years old to qualify for a reverse mortgage in Illinois. All borrowers listed on the title must meet this age requirement. The home must be your primary residence.
Do I need counseling before getting a reverse mortgage in Illinois?
Yes Illinois law requires you to attend a counseling session with a HUD-approved counselor before you can apply. The counselor explains the loan terms costs and alternatives. You receive a certificate that the lender must see before processing your application.