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Showing 2 reverse mortgage specialists in Glenview, IL
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Lubomyr Luchechko, CPA - Mortgage Advisor for Solutions Financial Mortgage Co NMLS ID 267469
2700 Patriot Blvd #110, Glenview, IL 60026
8478340102
Solutions Financial Mortgage Company NMLS ID 267469
2700 Patriot Blvd #110, Glenview, IL 60026
8478340100
What Does a Reverse Mortgage Specialist in Glenview Cost?
Typical costs for a reverse mortgage in Illinois include an origination fee up to 2 percent of the home value a mortgage insurance premium of 2 percent of the appraised value and third party costs such as appraisal title and recording fees. Total closing costs often range from 5000 to 12000 depending on the home value and loan type. Some 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 are the age requirements for a reverse mortgage in Glenview Illinois?
Borrowers must be at least 62 years old. All owners listed on the title must meet this age requirement under federal HECM guidelines. Illinois state law does not add any additional age restrictions.
Do I need counseling before getting a reverse mortgage in Illinois?
Yes. Illinois law requires all borrowers to complete a counseling session with a HUD approved counselor. This session must occur before a loan application can be submitted. The counselor will explain loan terms costs and alternatives.
Can a reverse mortgage affect my property taxes in Glenview?
Yes. A reverse mortgage does not eliminate property tax obligations. Glenview homeowners must continue paying property taxes and homeowners insurance. Illinois offers a Senior Citizens Real Estate Tax Deferral Program that may help eligible borrowers manage these costs.