Reverse Mortgage Specialists in Elk Grove Village, IL
Browse reverse mortgage specialists serving Elk Grove Village, Illinois. Contact information and addresses listed below.
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 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.
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.