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Showing 2 reverse mortgage specialists in Shiloh, IL
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Mortgages by Nancy Williams
1911 Frank Scott Pkwy E suite 4, Shiloh, IL 62269
6184104629
Edward Jones - Financial Advisor: Joe Delsignore, AAMS®
4150 Green Mt Crossing Dr, Shiloh, IL 62269
6186328047
What Does a Reverse Mortgage Specialist in Shiloh Cost?
Typical costs for a reverse mortgage in Illinois include an origination fee up to 2% of the first 200,000 of home value plus 1% of the amount above that, a mortgage insurance premium of 2% of the appraised value, and third-party fees for appraisal, title search, and recording. These fees total 5,000 to 15,000 on average, but amounts vary by loan size and lender. 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 are the age requirements for a reverse mortgage in Shiloh Illinois?
Borrowers must be at least 62 years old. All homeowners listed on the title must meet this age requirement. The home must be the primary residence.
Do I need counseling before getting a reverse mortgage in Illinois?
Yes, Illinois law requires a counseling session with a HUD-approved counselor. This session must occur before you submit your application. The counselor explains loan terms, costs, and alternatives.
Can I use a reverse mortgage to buy a home in Shiloh?
Yes, the Home Equity Conversion Mortgage for Purchase program allows you to use a reverse mortgage to buy a new primary residence in Shiloh. You must provide a down payment from your own funds.