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 3 reverse mortgage specialists in Olympia Fields, 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.
Inspire Mortgage LLC,
19900 Governors Dr Ste 300N, Olympia Fields, IL 60461
2196953171
Seniors Reverse Mortgage Inc
3615 Park Dr, Olympia Fields, IL 60461
7086791003
Rudy The Mortgage Broker (#2712551)
19900 Governors Dr, Olympia Fields, IL 60461
7792762841
What Does a Reverse Mortgage Specialist in Olympia Fields Cost?
Typical costs for a reverse mortgage specialist in Illinois include an origination fee of up to 2% of the home value (capped at $6,000), a mortgage insurance premium of 2% of the appraised value, and third-party fees such as appraisal ($400-$600) and title search ($300-$500). Counseling costs $125-$250. Total closing costs often range from $2,000 to $8,000. 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 do in Olympia Fields?
A reverse mortgage specialist explains how a reverse mortgage works, helps you compare loan options, and coordinates with HUD-approved counselors. They do not provide legal advice but can refer you to an attorney if needed.
Are there age requirements for a reverse mortgage in Illinois?
Yes, all borrowers must be at least 62 years old. Illinois law does not have additional age restrictions beyond the federal HECM requirement.
What are the property requirements for a reverse mortgage in Olympia Fields?
The home must be your primary residence and meet FHA property standards. Single-family homes, condos, and some manufactured homes qualify. Properties in Olympia Fields must be in a residential zone.