A reverse mortgage specialist in Shiloh, Illinois helps homeowners aged 62 and older convert part of their home equity into tax-free funds. Illinois law requires borrowers to complete a counseling session with a HUD-approved counselor before applying. Shiloh residents often use these loans to supplement retirement income or cover home repairs.
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.
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Reverse Mortgage Specialists in Other Illinois Cities
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