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Compare Reverse Mortgage Specialists in Mt Prospect, IL

Browse reverse mortgage specialists serving Mt Prospect, Illinois. Contact information and addresses listed below.

5 agents listed
Updated May 2026
Mt Prospect, IL
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 5 reverse mortgage specialists in Mt Prospect, 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.
J C Financial
1190 Elmhurst Rd # 202, Mt Prospect, IL 60056
8478065005
Tory Tarsitano at Crosscountry Mortgage
701 W Golf Rd #1, Mt Prospect, IL 60056
7734302400
Lincolnwood Mortgage Services Inc
832 E Rand Rd STE 16, Mt Prospect, IL 60056
8476741600
Mortgage Marketplace
510 W Northwest Hwy, Mt Prospect, IL 60056
8477374747
Millennium Mortgage Services
411 E Business Center Dr # 116, Mt Prospect, IL 60056
8478139693

A reverse mortgage specialist in Mt Prospect Illinois helps older homeowners access home equity without selling their property. In Illinois, borrowers must receive counseling from a HUD-approved agency before applying. Local specialists guide clients through the unique requirements of Illinois law and the Chicago area housing market.

What Does a Reverse Mortgage Specialist in Mt Prospect Cost?

Typical costs for a reverse mortgage specialist in Illinois include an origination fee of up to 2 percent of the home value, capped at 6,000 dollars. Other costs may include a mortgage insurance premium of 2 percent of the appraised value and third-party fees for appraisal and title work. Total closing costs often range from 5,000 to 10,000 dollars, but vary by loan amount and property. 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.

Frequently Asked Questions

What does a reverse mortgage specialist in Mt Prospect do?
A reverse mortgage specialist explains loan options, helps with paperwork, and coordinates with HUD-approved counselors. They ensure the loan meets Illinois legal requirements, such as the mandatory counseling session. They do not provide legal advice but can refer you to an attorney if needed.
Are there Illinois-specific rules for reverse mortgages?
Yes, Illinois requires all borrowers to attend a counseling session with a HUD-approved agency before applying. The state also mandates a three-day right of rescission after closing. Specialists in Mt Prospect must follow these rules to protect homeowners.
How do I choose a reverse mortgage specialist in Mt Prospect?
Look for a specialist who is licensed in Illinois and has experience with FHA-insured Home Equity Conversion Mortgages. Check their credentials with the Illinois Department of Financial and Professional Regulation. Ask about their familiarity with local property values in Cook County.