Compare Reverse Mortgage Specialists in Danville, IL
Compare reverse mortgage specialists in Danville. Review contact information and insurance categorys before you decide.
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 10 reverse mortgage specialists in Danville, IL
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What Does a Reverse Mortgage Specialist in Danville Cost?
Typical costs for a reverse mortgage specialist in Illinois include an origination fee of up to 2 percent of the first $200,000 of home value plus 1 percent of the amount above $200,000, capped at $6,000. Third-party costs such as appraisal, title search, and recording fees range from $500 to $2,500. HUD counseling costs around $125 to $250. These fees are often financed into the loan. 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 age and property requirements for a reverse mortgage in Danville Illinois?
Borrowers must be at least 62 years old and own a single-family home, HUD-approved condo, or manufactured home that meets FHA standards. The property must be your primary residence in Vermilion County. Illinois law does not impose additional age limits beyond the federal HECM requirement.
Do I need to attend counseling before getting a reverse mortgage in Illinois?
Yes, Illinois law requires all borrowers to complete a HUD-approved counseling session before applying for a reverse mortgage. The session covers loan terms, costs, and alternatives. Counselors can be found in Danville or via phone and online services.