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Directory of reverse mortgage specialists in Forsyth, Illinois. Verify credentials with the state mortgage licensing authority before hiring.
2 agents listed
Updated May 2026
Forsyth, 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 2 reverse mortgage specialists in Forsyth, 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.
Draper and Kramer Mortgage Corp.
133 Barnett Ave Unit 1A, Forsyth, IL 62535
2178755870
Morgan Stanley Financial Advisors
241 W Weaver Rd 2nd floor, Forsyth, IL 62535
2178753700
For homeowners in Forsyth, Illinois, a reverse mortgage specialist can help you access home equity without monthly payments. Illinois law requires borrowers to complete HUD-approved counseling before applying for a Home Equity Conversion Mortgage (HECM). This service is available to residents aged 62 and older who own their home outright or have a low mortgage balance.
What Does a Reverse Mortgage Specialist in Forsyth Cost?
Typical costs for a reverse mortgage in Illinois include an origination fee (up to $6,000), a mortgage insurance premium (2% of the home value upfront plus 0.5% annually), and third-party fees such as appraisal ($400-$800) and title insurance ($500-$1,500). Closing costs generally range from $2,000 to $8,000. These costs can be financed into the loan. 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 qualifications do I need for a reverse mortgage in Forsyth Illinois?
You must be at least 62 years old and own your home as your primary residence. The property must be a single-family home, a 2-4 unit property with one unit occupied by you, or a HUD-approved condominium. You also need to complete a counseling session with a HUD-approved counselor.
Are reverse mortgage proceeds taxable in Illinois?
No, reverse mortgage proceeds are not considered income by the IRS or the State of Illinois. They are loan advances and are tax-free. However, you remain responsible for property taxes, homeowners insurance, and home maintenance.
What happens to the reverse mortgage when I move or pass away in Forsyth?
If you move out permanently or pass away, the loan becomes due. Heirs have options: they can repay the loan balance (which is limited to the home value) and keep the property, or sell the home to pay off the loan. Illinois law provides a 30-day grace period for heirs to decide.
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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.