Compare Reverse Mortgage Specialists in Orland Park, IL
Directory of reverse mortgage specialists in Orland Park, Illinois. Verify credentials with the state state mortgage licensing authority before hiring.
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
State Mortgage Licensing Authority of Illinois before hiring.
Showing 13 reverse mortgage specialists in Orland Park, IL
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A reverse mortgage specialist in Orland Park Illinois helps homeowners aged 62 and older convert part of their home equity into tax-free funds without selling their home. Illinois law requires borrowers to complete HUD-approved counseling before applying for a Home Equity Conversion Mortgage. Orland Park residents can use these funds for home repairs medical expenses or supplementing retirement income.
What Does a Reverse Mortgage Specialist in Orland Park Cost?
In Illinois reverse mortgage costs include an origination fee capped at 6000 dollars or 2 percent of the first 200000 dollars of home value plus 1 percent of the amount above that. Upfront mortgage insurance premium is 2 percent of the appraised value with annual premiums of 0.5 percent. Third party fees for appraisal title search and recording typically range from 1000 to 3000 dollars. Total closing costs usually fall between 5000 and 12000 dollars but depend on your specific loan 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 are the age and equity requirements for a reverse mortgage in Orland Park Illinois?
Borrowers must be at least 62 years old and own their home outright or have a low mortgage balance. The home must be your primary residence and meet FHA property standards. Illinois law also requires a financial assessment to ensure you can pay property taxes and insurance.
Do I need counseling before getting a reverse mortgage in Illinois?
Yes Illinois law mandates that all borrowers complete a counseling session with a HUD-approved counselor before applying. The session covers loan terms costs alternatives and your responsibilities. You must receive a counseling certificate before the lender can proceed.
What costs are associated with a reverse mortgage in Orland Park?
Typical costs include an origination fee up to 6000 dollars a mortgage insurance premium of 2 percent of the home value plus annual premiums of 0.5 percent and third party fees for appraisal title and recording. In Illinois closing costs average 3000 to 8000 dollars but vary by loan size and lender.