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Showing 2 reverse mortgage specialists in Oak Forest, 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.
Pacor Mortgage Corp.
14930 S Cicero Ave Ste 2B, Oak Forest, IL 60452
7738817744
John Barker at Pacor Mortgage Corp.
14930 S Cicero Ave Suite 2B, Oak Forest, IL 60452
7084737688
What Does a Reverse Mortgage Specialist in Oak Forest Cost?
Typical costs for a reverse mortgage specialist in Illinois include an origination fee of up to 2 percent of the home value with a cap of 6000 dollars. Third-party fees such as appraisal title search and recording can range from 1500 to 4000 dollars. A mandatory upfront mortgage insurance premium of 2 percent of the appraised value is also charged. These costs are usually financed into the loan. 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 are the age requirements for a reverse mortgage in Oak Forest Illinois?
Borrowers must be at least 62 years old. If there are multiple borrowers on the title all must meet the age requirement. Illinois law does not change this federal rule.
Is counseling required for a reverse mortgage in Illinois?
Yes Illinois requires all reverse mortgage applicants to complete a counseling session with a HUD-approved counselor. The session covers loan terms costs and alternatives. You must receive a certificate of completion before the lender can process your application.
What property types qualify for a reverse mortgage in Oak Forest?
Single-family homes HUD-approved condominiums and townhouses qualify. Manufactured homes must meet FHA standards. The property must be your primary residence. Illinois law does not allow reverse mortgages on investment properties or second homes.