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Find Reverse Mortgage Specialists Near You in Lindenhurst, IL
Compare reverse mortgage specialists in Lindenhurst. Review contact information and insurance categorys before you decide.
2 agents listed
Updated May 2026
Lindenhurst, 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 Lindenhurst, 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.
Oak Leaf Community Mortgage
3060 Sand Lake Rd, Lindenhurst, IL 60046
8475997466
Wintrust Mortgage
2031 Grand Ave, Lindenhurst, IL 60046
8473565700
A reverse mortgage specialist in Lindenhurst Illinois helps homeowners aged 62 and older convert home equity into tax-free funds. Illinois law requires borrowers to complete HUD-approved counseling before applying. Lindenhurst residents in Lake County may use reverse mortgage proceeds for home repairs, medical expenses, or supplementing retirement income.
What Does a Reverse Mortgage Specialist in Lindenhurst 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 6 thousand dollars for FHA loans), a mortgage insurance premium of 2 percent of the appraised value, and appraisal fees ranging from 400 to 600 dollars. Closing costs and third-party fees may add 1 thousand to 3 thousand dollars. These costs vary by lender and loan type. 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 eligibility requirements for a reverse mortgage in Lindenhurst Illinois?
Borrowers must be at least 62 years old and own their home outright or have a low mortgage balance. The home must be the primary residence. Illinois law mandates a counseling session with a HUD-approved counselor before loan approval.
Are reverse mortgage proceeds taxable in Illinois?
Reverse mortgage proceeds are not considered income by the IRS or the state of Illinois. They do not affect Social Security or Medicare benefits. However, they may impact Medicaid eligibility if proceeds are not spent within the same calendar month.
What happens to the reverse mortgage when the borrower moves out or passes away in Illinois?
The loan becomes due when the borrower permanently leaves the home or dies. Heirs have 30 days under Illinois law to decide whether to pay off the loan or sell the home. If the home is sold, any remaining equity goes to the heirs.
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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.