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Find Reverse Mortgage Specialists in Marengo, IL

Browse reverse mortgage specialists serving Marengo, Illinois. Contact information and addresses listed below.

3 agents listed
Updated June 2026
Marengo, 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 State Mortgage Licensing Authority of Illinois before hiring.
Showing 3 reverse mortgage specialists in Marengo, 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.
Kelsey Proffitt, RE/MAX Connections II
402 E Grant Hwy 2nd fl, Marengo, IL 60152
(815) 572-1375
Prairie Community Bank
800 W Grant Hwy, Marengo, IL 60152
(815) 568-4100 prairiecommunitybank.com
Edward Jones - Financial Advisor: Kyle J Merkling, CFP®
821 E Grant Hwy Ste D, Marengo, IL 60152
(815) 568-7522 edwardjones.com

A reverse mortgage specialist in Marengo Illinois helps homeowners aged 62 and older convert home equity into tax-free funds without monthly mortgage payments. Illinois law requires borrowers to complete HUD-approved counseling before obtaining a Home Equity Conversion Mortgage (HECM). Specialists in Marengo guide clients through the process including loan limits and repayment terms specific to Illinois property laws.

What Does a Reverse Mortgage Specialist in Marengo Cost?

Typical costs for a reverse mortgage in Illinois include an origination fee up to 2 percent of the home value a mortgage insurance premium of 2 percent of the appraised value and third-party fees like appraisal title and recording costs. For a home valued at 300000 total closing costs often range from 8000 to 15000. Counseling fees are usually 125 to 150. 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 Marengo Illinois?
Borrowers must be at least 62 years old. If married a non-borrowing spouse under 62 may remain in the home after the borrowing spouse passes away under certain HUD rules. Illinois law does not change this federal requirement.
Do I need counseling before getting a reverse mortgage in Illinois?
Yes Illinois law mandates HUD-approved counseling for all reverse mortgage applicants. The counseling session covers loan terms costs and alternatives. You must receive a certificate of completion before the lender can process your application.
What property types qualify for a reverse mortgage in Marengo?
Single-family homes HUD-approved condominiums and manufactured homes that meet FHA standards qualify. The property must be your primary residence. Two-to-four unit properties also qualify if you occupy one unit. Illinois property tax deferral programs may affect eligibility.

Reverse Mortgage Specialists in Other Illinois Cities

Algonquin · Alton · Antioch · Arlington Heights · Aurora · Barrington · Batavia · Belleville · Berwyn · Bloomingdale · Bloomington · Bolingbrook · Bourbonnais · Bradley · Brookfield

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Legal Notice BeforeMortgageUSA.com is not a law firm, mortgage referral service, or legal advice provider. No broker-client relationship is formed by submitting a form or using this site. We do not endorse, recommend, or vouch for the qualifications of any broker. Past results do not guarantee future outcomes. Each case is different. Verify broker credentials with your state state mortgage licensing authority association before hiring.

About Our Listings

Brokers listed on BeforeMortgageUSA.com are compiled from publicly available directories, state 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 State Mortgage Licensing Authority of Illinois.

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