A reverse mortgage specialist in Calumet City can help homeowners aged 62 and older convert home equity into cash. Illinois law requires borrowers to complete a counseling session with a HUD approved counselor before applying. This service is available to residents of Calumet City and surrounding Cook County areas.
What Does a Reverse Mortgage Specialist in Calumet City Cost?
Typical costs for a reverse mortgage specialist in Illinois include an origination fee which can be up to 2 percent of the home value or a maximum of 6000 dollars. Other costs include a mortgage insurance premium of 2 percent of the appraised value upfront plus annual premiums. Appraisal fees range from 400 to 800 dollars. Closing costs and third party fees vary. 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
Reverse Mortgage Specialists in Other Illinois Cities
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