Compare Reverse Mortgage Specialists in Huntley, IL
Looking for a reverse mortgage specialist in Huntley? Review the directory below to compare your options.
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 3 reverse mortgage specialists in Huntley, 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 Huntley Cost?
Typical costs for a reverse mortgage specialist in Illinois include an origination fee of up to 2 percent of the home value, a mortgage insurance premium of 2 percent of the appraised value, and third-party fees for appraisal and title work. These fees total between 5000 and 12000 dollars for a 300000 dollar home. Costs vary by lender and loan type. This is general information, 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 Huntley Illinois?
You must be at least 62 years old to qualify for a reverse mortgage in Huntley. All borrowers listed on the title must meet this age requirement. Illinois law does not allow exceptions to this federal rule.
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. The session must occur at least 30 days before you can sign the loan documents. The counselor will explain the loan terms and alternatives.
Can a reverse mortgage affect my property taxes in Huntley Illinois?
Yes, you must continue to pay property taxes on your Huntley home. Illinois law does not exempt reverse mortgage borrowers from taxes. Failure to pay taxes can lead to foreclosure. Some seniors use the loan proceeds to cover these costs.