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 6 reverse mortgage specialists in Grayslake, 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.
The Bryan Schmidt Group / Preferred Rate (NMLS#275275)
1860 N Illinois 83 #118, Grayslake, IL 60030
8476034778
Jim Strachan | Fairway Independent Mortgage Corporation
419 Center St Ste A, Grayslake, IL 60030
8475467769
Mutual of Omaha Mortgage
136 Center St #136R, Grayslake, IL 60030
8473271716
Preferred Rate - Grayslake
1860 IL-83 STE 118, Grayslake, IL 60030
8476034778
Wintrust Mortgage
50 Commerce Dr, Grayslake, IL 60030
8475482700
Fairway Independent Mortgage Corporation | Iron Home Mortgage Team
419 Center St Ste A, Grayslake, IL 60030
8479866447
What Does a Reverse Mortgage Specialist in Grayslake Cost?
Typical costs for a reverse mortgage specialist in Illinois include an origination fee of up to 6000 dollars or 2 percent of the home value whichever is less. Other costs include a mortgage insurance premium of 2 percent of the appraised value plus annual premiums of 0.5 percent. Appraisal fees range from 400 to 800 dollars and third-party closing costs vary. 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 does a reverse mortgage specialist in Grayslake do?
A reverse mortgage specialist helps Grayslake homeowners understand and apply for a Home Equity Conversion Mortgage. They explain eligibility requirements including the mandatory HUD counseling session and the financial assessment required by Illinois lenders.
Are reverse mortgages regulated differently in Illinois?
Yes Illinois has specific rules. Borrowers must complete a HUD-approved counseling session before a loan application can proceed. Illinois also requires lenders to disclose all costs and terms clearly and prohibits certain predatory practices.