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Looking for a reverse mortgage specialist in Cary? Review the directory below to compare your options.
3 agents listed
Updated May 2026
Cary, 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 Cary, 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.
Peace Mortgage Inc: Don Elbert, Mortgage Broker NMLS#285795
875 Feinberg Ct Ste 103, Cary, IL 60013
8476822011
FirstHomeBuyers
421 Wentworth Cir, Cary, IL 60013
8477214865
Wintrust Mortgage
60 E Main St, Cary, IL 60013
8474628881
A reverse mortgage specialist in Cary Illinois helps homeowners aged 62 and older access home equity without monthly payments. In Illinois lenders must follow state disclosure rules and provide borrower counseling from a HUD approved agency. Cary residents can use these loans to supplement retirement income or pay for home repairs.
What Does a Reverse Mortgage Specialist in Cary Cost?
Typical costs for a reverse mortgage in Illinois include an origination fee of up to 2 percent of the home value a mortgage insurance premium of 2 percent of the appraised value and third party fees like appraisal and title search. For a home valued at 300000 total closing costs often range from 8000 to 15000. Costs vary by lender and loan type. 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.
Frequently Asked Questions
What are the age requirements for a reverse mortgage in Cary Illinois?
Borrowers must be at least 62 years old. The home must be the primary residence. Illinois law requires a mandatory counseling session with a HUD approved counselor before you can apply.
Are reverse mortgage proceeds taxable in Illinois?
Loan proceeds are not considered income for federal or Illinois state tax purposes. They do not affect Social Security or Medicare benefits. However you must still pay property taxes and homeowners insurance.
What happens to the loan when the borrower moves or passes away in Illinois?
The loan becomes due when the last borrower dies sells the home or moves out permanently. Heirs have 30 days to decide to repay the loan or sell the home. Illinois law gives heirs extra time if they are actively trying to sell the property.
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BeforeMortgageUSA.com is not a mortgage referral service, or financial advice provider. No broker-client relationship is formed by submitting a form or using this site. We do not endorse, recommend, or vouch for the qualifications of any broker. Past results do not guarantee future outcomes. Each case is different. Verify broker credentials with your state mortgage licensing authority before hiring.
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.