A reverse mortgage specialist in Des Plaines can help homeowners aged 62 and older convert home equity into tax-free funds. Illinois law requires mandatory counseling from a HUD-approved agency before you can apply. This service is especially useful for seniors in Cook County looking to supplement retirement income without selling their home.
What Does a Reverse Mortgage Specialist in Des Plaines Cost?
Typical costs for a reverse mortgage specialist in Illinois include an origination fee up to 2 percent of the home value or $6,000 whichever is less. Other costs include an appraisal fee around $400 to $800 and a mortgage insurance premium of 2 percent of the home value. Counseling fees range from $125 to $250. All costs vary by case and lender. 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
Reverse Mortgage Specialists in Other Illinois Cities
Algonquin · Alton · Antioch · Arlington Heights · Aurora · Barrington · Batavia · Belleville · Berwyn · Bloomingdale · Bloomington · Bolingbrook · Bourbonnais · Bradley · Brookfield