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Reverse Mortgage Specialists in Elk Grove Village, IL
Looking for a reverse mortgage specialist in Elk Grove Village? Review the directory below to compare your options.
4 agents listed
Updated May 2026
Elk Grove Village, 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 4 reverse mortgage specialists in Elk Grove Village, 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.
Richard Kimball (The Kimball Team) at CrossCountry Mortgage
1041 Bonaventure Dr, Elk Grove Village, IL 60007
8476032300
Prince Williams at CrossCountry Mortgage
1021 Bonaventure Dr Apt 41, Elk Grove Village, IL 60007
8476032216
Z Reverse Mortgage
836 S Arlington Heights Rd #182, Elk Grove Village, IL 60007
8446946630
Z Reverse Mortgage
836 S Arlington Heights Rd #182, Elk Grove Village, IL 60007
8446946630
A reverse mortgage specialist in Elk Grove Village Illinois helps older homeowners access home equity without monthly mortgage payments. Illinois law requires borrowers to complete HUD-approved counseling before obtaining a Home Equity Conversion Mortgage (HECM). Specialists guide clients through the process including eligibility requirements and loan repayment terms.
What Does a Reverse Mortgage Specialist in Elk Grove Village Cost?
Typical costs for a reverse mortgage in Illinois include an origination fee of up to $6,000, a mortgage insurance premium of 2% of the home value, and third-party fees such as appraisal and title search ranging from $500 to $1,500. Annual mortgage insurance premiums are 0.5% of the loan balance. These costs 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 requirements for a reverse mortgage in Elk Grove Village Illinois?
Borrowers must be at least 62 years old to qualify for a federally insured HECM reverse mortgage. All homeowners listed on the title must meet this age requirement. Illinois law also mandates that the property be the borrower's primary residence.
Do I need counseling before getting a reverse mortgage in Illinois?
Yes, Illinois law requires all reverse mortgage applicants to complete a counseling session with a HUD-approved counselor. This session covers loan terms costs and alternatives. The counselor must be independent from the lender.
What happens if I move out or sell my home in Elk Grove Village?
The reverse mortgage becomes due when you sell the home move out permanently or pass away. Illinois law gives borrowers a 12-month deferral period after the triggering event to repay the loan. Interest accrues during this time.
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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.