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Compare reverse mortgage specialists in Buffalo Grove. Review contact information and insurance categorys before you decide.
3 agents listed
Updated May 2026
Buffalo Grove, IL
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 Illinois before hiring.
Showing 3 reverse mortgage specialists in Buffalo Grove, 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.
1st Eagle Mortgage
1450 Busch Pkwy, Buffalo Grove, IL 60089
8474414116
Chase Home Lending
1525 Deerfield Pkwy, Buffalo Grove, IL 60089
8472792388
Chase Home Lending
850 S Buffalo Grove Rd, Buffalo Grove, IL 60089
3327993643
A reverse mortgage specialist in Buffalo Grove Illinois helps homeowners aged 62 and older convert home equity into cash without selling their home. Illinois law requires borrowers to complete HUD-approved counseling before obtaining a Home Equity Conversion Mortgage (HECM). Specialists in Buffalo Grove guide clients through this process and explain how Illinois property tax deferral programs may interact with reverse mortgage proceeds.
What Does a Reverse Mortgage Specialist in Buffalo Grove Cost?
Typical costs for a reverse mortgage in Illinois include an origination fee of up to 2 percent of the home value capped at 6000 dollars. Third-party fees such as appraisal title insurance and recording fees range from 1000 to 3000 dollars. The upfront mortgage insurance premium is 2 percent of the home value. Annual mortgage insurance premiums are 0.5 percent of the loan balance. Costs vary based on loan amount and property value. This information is general 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 age requirements for a reverse mortgage in Buffalo Grove Illinois?
Borrowers must be at least 62 years old. The youngest borrower on the title must meet this age requirement under federal HECM rules. Illinois does not have additional age requirements beyond the federal standard.
Do I need counseling before getting a reverse mortgage in Illinois?
Yes Illinois law requires all borrowers to complete a counseling session with a HUD-approved counselor before applying for a reverse mortgage. This session must occur at least 30 days before closing. The counselor explains loan terms costs and alternatives.
What happens to the reverse mortgage when the borrower dies in Illinois?
When the last borrower dies the loan becomes due. Heirs have 30 days to decide whether to pay off the loan or sell the home. Illinois law allows heirs to buy the home for 95 percent of its appraised value if they choose to keep it.
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About Our Listings
Brokers listed on BeforeMortgageUSA.com are compiled from publicly available directories, state mortgage licensing authority records, and business listings. Inclusion does not constitute endorsement. We do not verify broker licensing, disciplinary status, or qualifications. Verify each broker's current standing with the Illinois.