Compare Reverse Mortgage Specialists in Chatham, IL
Browse reverse mortgage specialists serving Chatham, 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 Chatham, 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 Chatham 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. Closing costs such as appraisal title insurance and recording fees range from 2000 to 5000 dollars. Additionally FHA mortgage insurance premiums apply. Costs vary by lender and loan amount. 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 Chatham Illinois?
Borrowers must be at least 62 years old. If married the younger spouse must also be 62 to be listed on the loan. Illinois law requires counseling to ensure you understand the terms.
Do I need to own my home free and clear to get a reverse mortgage in Chatham?
No you can have an existing mortgage. The reverse mortgage pays off your current loan first. You must have sufficient equity in the home to qualify.
What happens to the reverse mortgage when I move or pass away in Illinois?
The loan becomes due when you permanently leave the home or pass away. Heirs have 30 days under federal rules to decide to pay off the loan or sell the home. Illinois law does not extend this timeline.