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 4 reverse mortgage specialists in Morton Grove, 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.
Fairway Independent Mortgage Corporation
8810 Menard Ave, Morton Grove, IL 60053
3123639595
Raj Patel | Fairway Independent Mortgage Corporation Branch Sales Manager
8810 Menard Ave, Morton Grove, IL 60053
8478456899
Dan DiMaria | Fairway Independent Mortgage Corporation Branch Manager - Reverse Mortgage Specialist
8810 Menard Ave, Morton Grove, IL 60053
3123639595
Mortgage Talk Mike
6111 Dempster St, Morton Grove, IL 60053
8478614234
What Does a Reverse Mortgage Specialist in Morton Grove Cost?
Typical costs for a reverse mortgage specialist in Illinois include an origination fee of up to $6,000, a mortgage insurance premium of 2% of the home value, and third-party fees for appraisal, title search, and recording. Total closing costs often range from $2,000 to $8,000, depending on the loan amount and property value. 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 does a reverse mortgage specialist in Morton Grove do?
A reverse mortgage specialist helps Illinois homeowners aged 62 or older understand and apply for a Home Equity Conversion Mortgage (HECM). They explain loan options, costs, and the mandatory counseling requirement under Illinois law.
Are there Illinois-specific rules for reverse mortgages?
Yes, Illinois requires a 3-day right of rescission after closing, allowing borrowers to cancel without penalty. The state also mandates that lenders provide a list of HUD-approved counseling agencies before a loan application can proceed.
How do I choose a reverse mortgage specialist in Morton Grove?
Look for a specialist licensed by the Illinois Department of Financial and Professional Regulation. Verify they have experience with HECM loans and can refer you to a local HUD-approved counselor in the Chicago area.