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 7 reverse mortgage specialists in Gurnee, 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.
Guild Mortgage - Ed Conarchy
501 IL-21 Suite 105-3, Gurnee, IL 60031
8479704239
Guild Mortgage - Mike Vrba
501 IL-21 Suite 105-3, Gurnee, IL 60031
6307172809
Michelle Garibay | Mortgage Broker/Lender
6598 Grand Ave, Gurnee, IL 60031
2624964582
Anabel Rodriguez - The Federal Savings Bank
5101 Washington St, Gurnee, IL 60031
2245388896
Land Home Financial Services - Gurnee, IL
1800 Nations Dr Suite 117-1, Gurnee, IL 60031
8474694144
The Provident Group powered by Parkside Lending
5101 Washington St Suite 5, Gurnee, IL 60031
8476255555
Guild Mortgage Company
501 IL-21 Suite 105-3, Gurnee, IL 60031
8479704239
What Does a Reverse Mortgage Specialist in Gurnee Cost?
Typical costs for a reverse mortgage specialist in Illinois include an origination fee of up to 2 percent of the home value and a mortgage insurance premium of 2 percent of the appraised value. Closing costs such as appraisal and title fees can range from 2000 to 5000 dollars. Counseling fees are usually 125 to 150 dollars but may be waived for low income borrowers. 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 Gurnee Illinois?
Borrowers must be at least 62 years old. If the home is owned jointly both spouses must meet the age requirement. The home must be the primary residence of the borrower.
Are reverse mortgages regulated by Illinois law?
Yes Illinois has specific laws governing reverse mortgages. Lenders must provide a detailed disclosure statement and borrowers have a three day right to cancel after signing. Illinois also requires that borrowers receive counseling from a HUD approved agency.
Can I lose my home with a reverse mortgage in Gurnee?
You can lose your home if you fail to pay property taxes or homeowners insurance or if you stop living in the home as your primary residence. Illinois law requires lenders to notify borrowers of any potential default and provide a cure period.