Find Reverse Mortgage Specialists in Shorewood, IL
Browse reverse mortgage specialists serving Shorewood, Illinois. Contact information and addresses listed below.
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 Shorewood, 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.
What Does a Reverse Mortgage Specialist in Shorewood Cost?
Typical costs for a reverse mortgage specialist in Illinois include an origination fee capped at 2% of the first 200,000 of the home value plus 1% of the amount above 200,000. Third-party fees for appraisal title and recording range from 1,500 to 3,500. Mortgage insurance premiums are 2% of the appraised value upfront plus 0.5% annually. 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 qualifications does a reverse mortgage specialist need in Shorewood Illinois?
Specialists must be licensed mortgage loan originators in Illinois. They should have specific training on HECM products and understand the Illinois Residential Mortgage License Act.
Are there age requirements for a reverse mortgage in Shorewood Illinois?
Yes. Borrowers must be at least 62 years old. The non-borrowing spouse may be younger but must meet certain HUD protections under Illinois law.
What are the counseling requirements for a reverse mortgage in Illinois?
Illinois law requires all borrowers to complete a counseling session with a HUD-approved agency before applying. The session covers loan terms, costs, and alternatives.