Find Reverse Mortgage Specialists Near You in Lisle, IL
Looking for a reverse mortgage specialist in Lisle? Review the directory below to compare your options.
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State Mortgage Licensing Authority of Illinois before hiring.
Showing 14 reverse mortgage specialists in Lisle, IL
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A reverse mortgage specialist in Lisle, Illinois helps homeowners aged 62 and older convert home equity into tax-free funds without monthly payments. Illinois law requires borrowers to complete HUD-approved counseling before applying for a Home Equity Conversion Mortgage (HECM). Specialists in Lisle can guide you through state-specific rules, including property tax deferral programs and homestead exemptions that may affect your loan.
What Does a Reverse Mortgage Specialist in Lisle Cost?
In Illinois, reverse mortgage costs include an origination fee capped at $6,000 or 2% of the home value, whichever is less. Third-party fees for appraisal, title search, and recording typically range from $500 to $2,500. The upfront mortgage insurance premium is 2% of the home value, and annual premiums are 0.5% of the loan balance. Total closing costs in Lisle usually fall between $3,000 and $10,000 but can vary by lender and property. This is general information and does not constitute 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 Lisle Illinois?
Borrowers must be at least 62 years old and own their home outright or have a low mortgage balance. The property must be your primary residence and meet FHA standards. Illinois law also requires you to complete a counseling session with a HUD-approved counselor before you can apply.
How does Illinois law affect reverse mortgage proceeds?
Reverse mortgage proceeds in Illinois are not considered income for state tax purposes. However, they may affect eligibility for means-tested benefits like Medicaid. Illinois also has a property tax deferral program for seniors, which can work alongside a reverse mortgage if you meet income and age requirements.
What costs come with a reverse mortgage in Lisle Illinois?
Typical costs include an origination fee (up to $6,000), third-party fees for appraisal and title search, and mortgage insurance premiums. In Illinois, closing costs generally range from $2,000 to $8,000 depending on the home value and loan type. These costs are usually financed into the loan rather than paid upfront.