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Compare Reverse Mortgage Specialists in Carpentersville, IL
Compare reverse mortgage specialists in Carpentersville. Review contact information and insurance categorys before you decide.
3 agents listed
Updated May 2026
Carpentersville, IL
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 Illinois before hiring.
Showing 3 reverse mortgage specialists in Carpentersville, 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.
Guild Mortgage Company
1646 Ravine Ln Unit 201, Carpentersville, IL 60110
8472644010
Guild Mortgage - Javier Mendoza
1646 Ravine Ln Unit 201, Carpentersville, IL 60110
8478120469
The Preferred Group
154 S Washington St, Carpentersville, IL 60110
6303727600
A reverse mortgage specialist in Carpentersville Illinois can help homeowners aged 62 and older access home equity without monthly payments. Illinois law requires borrowers to complete HUD-approved counseling before applying for a Home Equity Conversion Mortgage. Carpentersville residents may use reverse mortgage proceeds for home repairs, medical expenses, or supplementing retirement income.
What Does a Reverse Mortgage Specialist in Carpentersville 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 and title search. Total closing costs often range from 2,000 to 6,000 dollars depending on the property value and loan type. Borrowers also pay an annual mortgage insurance premium of 0.5 percent of the loan balance. This is general information and 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 eligibility requirements for a reverse mortgage in Carpentersville?
Borrowers must be at least 62 years old and own their home outright or have a low mortgage balance. The property must be the primary residence and meet HUD standards. Illinois law also mandates a counseling session with a HUD-approved agency before the loan application.
How does Illinois law affect reverse mortgage proceeds?
Illinois does not tax reverse mortgage proceeds as income. However, borrowers must continue paying property taxes and homeowners insurance. If the borrower moves out or fails to pay taxes, the loan becomes due.
Can a reverse mortgage be foreclosed in Illinois?
Yes, if the borrower fails to meet loan obligations such as paying property taxes or maintaining the home. Illinois has a judicial foreclosure process that can take several months. Borrowers should discuss all terms with their specialist before signing.
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About Our Listings
Brokers listed on BeforeMortgageUSA.com are compiled from publicly available directories, state mortgage licensing authority records, and business listings. Inclusion does not constitute endorsement. We do not verify broker licensing, disciplinary status, or qualifications. Verify each broker's current standing with the Illinois.