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 10 reverse mortgage specialists in Danville, 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.
Tower Loan
114 N Walnut St, Danville, IL 61832
2177031162
OneMain Financial
3100 N Vermilion St Ste C, Danville, IL 61832
2174422688
Edward Jones - Financial Advisor: Marcus J Provost, CFP®
3821 N Vermilion St #1, Danville, IL 61832
2174428158
Shore Wealth Management
3607 N Vermilion St Suite 1, Danville, IL 61832
2177090001
Flat Branch Home Loans
616 N Vermilion St, Danville, IL 61832
2172072070
Edward Jones - Financial Advisor: Dean A Norem, CFP®|AAMS®
3160 N Vermilion St, Danville, IL 61832
2174422801
Danny Laughner
1 TOWNE CTR, Danville, IL 61832
2175541321
New American Funding - Danville
616 N Vermilion St, Danville, IL 61832
2172901246
Raymond James & Associates
25 E Liberty Ln, Danville, IL 61832
2174310307
Financial Legacy Partners Wealth Advisors of Raymond James
25 E Liberty Ln, Danville, IL 61832
2174310307
What Does a Reverse Mortgage Specialist in Danville Cost?
Typical costs for a reverse mortgage specialist in Illinois include an origination fee of up to 2 percent of the first $200,000 of home value plus 1 percent of the amount above $200,000, capped at $6,000. Third-party costs such as appraisal, title search, and recording fees range from $500 to $2,500. HUD counseling costs around $125 to $250. These fees 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 age and property requirements for a reverse mortgage in Danville Illinois?
Borrowers must be at least 62 years old and own a single-family home, HUD-approved condo, or manufactured home that meets FHA standards. The property must be your primary residence in Vermilion County. Illinois law does not impose additional age limits beyond the federal HECM requirement.
Do I need to attend counseling before getting a reverse mortgage in Illinois?
Yes, Illinois law requires all borrowers to complete a HUD-approved counseling session before applying for a reverse mortgage. The session covers loan terms, costs, and alternatives. Counselors can be found in Danville or via phone and online services.
How does a reverse mortgage affect my property taxes and insurance in Danville?
You must continue to pay property taxes and homeowners insurance on your Danville home. Failure to pay can lead to foreclosure. Illinois does not have a specific tax exemption for reverse mortgage proceeds, but the loan itself does not trigger a reassessment.