Compare Reverse Mortgage Specialists in Evanston, IL
Looking for a reverse mortgage specialist in Evanston? Review the directory below to compare your options.
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 6 reverse mortgage specialists in Evanston, 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 Evanston Cost?
Typical costs for a reverse mortgage specialist in Illinois include an origination fee of up to 2 percent of the home value capped at 6000 dollars. Third-party costs such as appraisal title insurance and recording fees range from 1500 to 4000 dollars. Counseling fees are usually 125 to 250 dollars but may be waived for low-income borrowers. 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 eligibility requirements for a reverse mortgage in Evanston Illinois?
You must be at least 62 years old and own your home outright or have a low mortgage balance. The home must be your primary residence and meet HUD property standards. Illinois does not have additional state-level age or income requirements beyond federal HECM rules.
How does Illinois law protect reverse mortgage borrowers?
Illinois follows federal HECM rules which include non-recourse protection meaning you will never owe more than the home is worth at sale. The state also mandates a three-day right of rescission after closing. Borrowers must complete counseling from a HUD-approved agency before any application.