Compare Reverse Mortgage Specialists in McHenry, IL

What Does a Reverse Mortgage Specialist in McHenry Cost?

Typical costs for a reverse mortgage in Illinois include an origination fee capped at 2 percent of the first 200,000 dollars of home value plus 1 percent of the amount above 200,000 dollars. Upfront mortgage insurance premium is 2 percent of the appraised value, and annual insurance is 0.5 percent. Third-party fees like appraisal and title search range from 500 to 1,500 dollars. Total closing costs often range from 5,000 to 15,000 dollars depending on the home value and loan type. 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.

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