A reverse mortgage specialist in Matteson, Illinois helps homeowners aged 62 and older convert home equity into tax-free funds without monthly mortgage payments. Illinois law requires borrowers to complete HUD-approved counseling before obtaining a Home Equity Conversion Mortgage (HECM). Specialists in Matteson can guide you through this process and explain how a reverse mortgage affects your property taxes and estate planning.
What Does a Reverse Mortgage Specialist in Matteson Cost?
Typical costs for a reverse mortgage in Illinois include an origination fee of up to 2 percent of the first 200,000 dollars of the home value plus 1 percent of the amount over 200,000 dollars, capped at 6,000 dollars. Other fees include a mortgage insurance premium of 2 percent of the appraised value at closing and an annual 0.5 percent premium, appraisal fees of 400 to 800 dollars, and closing costs of 1,000 to 3,000 dollars. Costs vary by case and lender. 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.
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Reverse Mortgage Specialists in Other Illinois Cities
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