Compare Reverse Mortgage Specialists in South Barrington, IL
Directory of reverse mortgage specialists in South Barrington, Illinois. Verify credentials with the state state mortgage licensing authority before hiring.
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 South Barrington, IL
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Reverse mortgage specialists in South Barrington Illinois help homeowners aged 62 and older convert part of their home equity into tax free funds. Illinois law requires borrowers to complete HUD approved counseling before applying for a Home Equity Conversion Mortgage HECM. Specialists guide clients through the process including loan terms repayment options and property charge requirements specific to Cook County.
What Does a Reverse Mortgage Specialist in South Barrington Cost?
Typical costs for a reverse mortgage in Illinois include an origination fee up to 2 percent of the first 200000 of home value plus 1 percent of the amount over 200000. Third party costs such as appraisal title insurance and recording fees usually range from 2000 to 5000. HUD counseling fees are capped at 125 but many agencies offer free sessions. The upfront mortgage insurance premium is 2 percent of the appraised value and annual premiums are 0.5 percent. These costs are often 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
What are the eligibility requirements for a reverse mortgage in South Barrington Illinois?
Borrowers must be at least 62 years old and own their home outright or have a low mortgage balance. The property must be the primary residence and meet HUD minimum property standards. Illinois law also requires completion of a counseling session with a HUD approved agency before application.
How does a reverse mortgage affect my property taxes in South Barrington?
Reverse mortgage borrowers must continue to pay property taxes homeowners insurance and maintain the home. Failure to pay property taxes can lead to loan default and foreclosure. South Barrington is in Cook County where property tax rates are among the highest in Illinois so specialists help borrowers plan for these ongoing costs.
Can I lose my home with a reverse mortgage in Illinois?
Yes you can lose your home if you fail to meet loan obligations such as paying property taxes homeowners insurance or maintaining the property. Illinois law provides a 30 day cure period after a default notice before foreclosure can begin. Borrowers should discuss all risks with their specialist and counselor.