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Looking for a reverse mortgage specialist in O'Fallon? Review the directory below to compare your options.
11 agents listed
Updated May 2026
O'Fallon, 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 11 reverse mortgage specialists in O'Fallon, 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.
Chris Luebbers - Delmar Mortgage
1405 N Green Mt Rd #110, O'Fallon, IL 62269
6188038214
New American Funding - Jody Talick
813 W Hwy 50, O'Fallon, IL 62269
6187225233
New American Funding - Dave Hohe
813 W Hwy 50, O'Fallon, IL 62269
6184075564
Ryan Luechtefeld - Delmar Mortgage
1405 N Green Mt Rd #110, O'Fallon, IL 62269
6185933608
Doug Shoemaker - Shoemaker Loan Team - Homestead Financial Mortgage
220 E State St, O'Fallon, IL 62269
6183076106
New American Funding - O'Fallon, IL
813 W Hwy 50, O'Fallon, IL 62269
6182161288
Cara Srogus at Rate (NMLS #1145645)
111A W State St, O'Fallon, IL 62269
6187793031
Jason Ashford - Delmar Mortgage - O'Fallon
1405 N Green Mt Rd #110, O'Fallon, IL 62269
6189732971
Kent Schmitz - Delmar Mortgage
1405 N Green Mt Rd #110, O'Fallon, IL 62269
6188307246
Leader One Financial Corporation
787 Sunset Blvd, O'Fallon, IL 62269
8772765550
Rate
111A W State St, O'Fallon, IL 62269
6185515075
A reverse mortgage specialist in O'Fallon Illinois can help homeowners aged 62 and older convert home equity into tax-free funds. Illinois law requires borrowers to complete a counseling session with a HUD-approved counselor before applying. Local specialists understand the St. Clair County property market and can explain how reverse mortgages affect estate planning and Medicaid eligibility.
What Does a Reverse Mortgage Specialist in O'Fallon Cost?
Typical costs for a reverse mortgage in Illinois include an origination fee of up to 2 percent of the home value (capped at 6000 dollars), a mortgage insurance premium of 2 percent of the appraised value, and third-party fees for appraisal title and recording. Total closing costs often range from 3000 to 8000 dollars. These costs can be financed into the loan. 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 qualifications should a reverse mortgage specialist in O'Fallon have?
Look for a specialist who holds a valid Illinois mortgage license and has completed the National Reverse Mortgage Lenders Association certification. They should also have experience with Federal Housing Administration insured Home Equity Conversion Mortgages.
Does Illinois require counseling before getting a reverse mortgage?
Yes, Illinois law mandates that all borrowers receive independent counseling from a HUD-approved agency before submitting a loan application. The counselor explains loan terms costs and alternatives. This session must occur at least 30 days before closing.
Are reverse mortgage proceeds taxable in Illinois?
No, reverse mortgage proceeds are not considered taxable income under federal or Illinois state law. However, interest on the loan is not deductible until the loan is repaid. Consult a tax professional for your specific situation.
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BeforeMortgageUSA.com is not a mortgage referral service, or financial advice provider. No broker-client relationship is formed by submitting a form or using this site. We do not endorse, recommend, or vouch for the qualifications of any broker. Past results do not guarantee future outcomes. Each case is different. Verify broker credentials with your state mortgage licensing authority before hiring.
About Our Listings
Brokers listed on BeforeMortgageUSA.com are compiled from publicly available directories, state mortgage licensing authority records, and business listings. Inclusion does not constitute endorsement. We do not verify broker licensing, disciplinary status, or qualifications. Verify each broker's current standing with the Illinois.