Find Reverse Mortgage Specialists in Scott AFB, IL
Looking for a reverse mortgage specialist in Scott AFB? Review the directory below to compare your options.
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 2 reverse mortgage specialists in Scott AFB, IL
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What Does a Reverse Mortgage Specialist in Scott AFB Cost?
Typical costs for a reverse mortgage in Illinois include an origination fee of up to 2 percent of the home value, an upfront mortgage insurance premium of 2 percent of the appraised value, and appraisal fees ranging from 400 to 800 dollars. Closing costs and servicing fees also apply. Total costs often range from 5,000 to 15,000 dollars depending on the home value and loan type. 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 eligibility requirements for a reverse mortgage in Scott AFB Illinois?
You must be at least 62 years old and own your home outright or have a low mortgage balance. The property must be your primary residence and meet FHA standards. Illinois law also requires you to attend a counseling session with a HUD-approved counselor before applying.
How does a reverse mortgage affect my heirs in Illinois?
Heirs can repay the loan balance or sell the home to satisfy the debt. If the home is sold for less than the loan amount, FHA insurance covers the difference. Heirs have 30 days after the last borrower dies to decide, with possible extensions from the lender.
Are reverse mortgage proceeds taxable in Illinois?
No, reverse mortgage proceeds are not considered income by the IRS or the State of Illinois. They do not affect Social Security or Medicare benefits. However, they may affect need-based programs like Medicaid if the funds are not spent in the same month.