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Showing 2 reverse mortgage specialists in Riverside, 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.
Prospect Mortgage
7222 Cermak Rd, Riverside, IL 60546
7088839228
Brendan Financial Inc
30 East Ave, Riverside, IL 60546
7084422686
What Does a Reverse Mortgage Specialist in Riverside Cost?
Typical costs for a reverse mortgage in Illinois include an origination fee of up to 6000 dollars, a mortgage insurance premium of 2 percent of the home value, and third-party fees like appraisal and title search totaling 1000 to 3000 dollars. Closing costs generally range from 5000 to 15000 dollars depending on the home value and lender. These costs can be 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
Who qualifies for a reverse mortgage in Riverside Illinois?
Borrowers must be at least 62 years old and own their home outright or have a low mortgage balance. The home must be the primary residence and meet HUD property standards. Illinois law also requires a mandatory counseling session with a HUD-approved counselor.
Are reverse mortgage proceeds taxable in Illinois?
No, reverse mortgage proceeds are not considered income for federal or Illinois state tax purposes. However, interest on the loan is not deductible until the loan is repaid. Consult a tax professional for your specific situation.
What happens to a reverse mortgage when the borrower dies in Illinois?
The loan becomes due when the last borrower dies or permanently moves out. Heirs have 30 days under Illinois law to decide to pay off the loan or sell the home. If the home is sold for less than the loan balance, FHA insurance covers the difference.