Compare Reverse Mortgage Specialists in Lake Villa, IL
Compare reverse mortgage specialists in Lake Villa. Review contact information and insurance categorys before you decide.
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 2 reverse mortgage specialists in Lake Villa, IL
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What Does a Reverse Mortgage Specialist in Lake Villa Cost?
Typical costs for a reverse mortgage 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, title search, and recording. For a home valued at 300,000 dollars, total closing costs often range from 8,000 to 15,000 dollars. Some costs can be financed into the loan. This is general information and does not constitute 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 and property requirements for a reverse mortgage in Lake Villa Illinois?
Borrowers must be at least 62 years old and own the home as their primary residence. The property must be a single-family home, a 2-4 unit building, a HUD-approved condo, or a manufactured home that meets FHA standards.
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. The session covers loan terms, costs, and alternatives. You will receive a certificate of completion that is valid for 180 days.
Can I lose my home with a reverse mortgage in Lake Villa?
You can lose your home if you fail to pay property taxes, homeowners insurance, or maintain the property. Illinois law also requires you to live in the home as your primary residence. A specialist can help you plan for these ongoing obligations.