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Find Reverse Mortgage Specialists Near You in Glen Ellyn, IL
Directory of reverse mortgage specialists in Glen Ellyn, Illinois. Verify credentials with the state mortgage licensing authority before hiring.
5 agents listed
Updated May 2026
Glen Ellyn, 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 5 reverse mortgage specialists in Glen Ellyn, 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.
Randall Fowlkes at Prosperity Home Mortgage - Schaumburg
550 Pennsylvania Ave, Glen Ellyn, IL 60137
6303999291
A reverse mortgage specialist in Glen Ellyn Illinois helps homeowners aged 62 and older access home equity without monthly payments. Illinois law requires borrowers to complete HUD approved counseling before applying. Specialists in DuPage County guide clients through the federally insured Home Equity Conversion Mortgage program.
What Does a Reverse Mortgage Specialist in Glen Ellyn Cost?
Typical costs for a reverse mortgage in Illinois include an origination fee up to 2 percent of the home value capped at 6000 dollars, a mortgage insurance premium of 2 percent of the appraised value, and third party costs like appraisal and title search ranging from 1500 to 3000 dollars. Counseling fees are usually 125 to 150 dollars. These costs can be 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 does a reverse mortgage specialist in Glen Ellyn do?
A specialist explains HECM loan options and helps you determine eligibility. They coordinate with HUD approved counselors and assist with the application process. Illinois law mandates a three day right of rescission after closing.
Who qualifies for a reverse mortgage in Illinois?
You must be at least 62 years old and own your home outright or have a low mortgage balance. The home must be your primary residence and meet FHA property standards. Illinois does not have additional age requirements beyond the federal minimum.
Are reverse mortgage proceeds taxable in Illinois?
Loan proceeds are not considered income and are not taxable at the state or federal level. However interest on the loan is not deductible until the loan is repaid. Consult a tax professional for your specific situation.
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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.