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Compare reverse mortgage specialists in Lake Zurich. Review contact information and insurance categorys before you decide.
3 agents listed
Updated May 2026
Lake Zurich, 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 3 reverse mortgage specialists in Lake Zurich, 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.
Dovenmuehle Mortgage
1 Corporate Dr Ste 360, Lake Zurich, IL 60047
8006694268
Fairway Independent Mortgage Corporation
444 S Rand Rd Ste 303, Lake Zurich, IL 60047
8474879915
Matt Brua
444 S Rand Rd Ste 303, Lake Zurich, IL 60047
8474879915
Reverse mortgage specialists in Lake Zurich, Illinois help homeowners aged 62 and older convert home equity into tax-free funds without monthly mortgage payments. Illinois law requires borrowers to complete a HUD-approved counseling session before applying for a Home Equity Conversion Mortgage (HECM). Lake Zurich seniors can use these funds for home improvements, healthcare costs, or supplementing retirement income while remaining in their homes.
What Does a Reverse Mortgage Specialist in Lake Zurich Cost?
Typical costs for a reverse mortgage in Illinois include an origination fee (up to $6,000), third-party closing costs (appraisal, title search, credit report) ranging from $1,500 to $4,000, and an upfront mortgage insurance premium of 2% of the home value. Annual mortgage insurance premiums are 0.5% of the loan balance. Illinois also requires a mandatory counseling session that costs approximately $125 to $150. 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 are the age requirements for a reverse mortgage in Lake Zurich Illinois?
Borrowers must be at least 62 years old. All co-borrowers listed on the title must also meet this age requirement. Illinois law does not allow exceptions to this federal HECM rule.
Do I need to own my home free and clear to qualify for a reverse mortgage in Lake Zurich?
No, you can still qualify if you have an existing mortgage. The reverse mortgage proceeds must first pay off any current mortgage or liens. Illinois law requires that the home be your primary residence.
What types of homes are eligible for a reverse mortgage in Lake Zurich Illinois?
Eligible properties include single-family homes, FHA-approved condominiums, and townhouses. Manufactured homes built after June 1976 may also qualify. The home must meet FHA property standards and be your primary residence in Lake Zurich.
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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.