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Looking for a reverse mortgage specialist in Mendota? Review the directory below to compare your options.
7 agents listed
Updated May 2026
Mendota, 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 7 reverse mortgage specialists in Mendota, 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.
First State Bank - Main Office
706 Washington St, Mendota, IL 61342
8155382265
Eureka Savings Bank
1300 13th Ave, Mendota, IL 61342
8155395656
Edward Jones - Financial Advisor: Clint M O'Brien, CFP®
609 Main St Ste B, Mendota, IL 61342
8155392309
Edward Jones - Financial Advisor: Will McLachlan, CFP®
609 Main St Ste B, Mendota, IL 61342
8155392309
Chris Eller The Retirement Specialists
801 Jefferson St, Mendota, IL 61342
8155393437
Echols & Associates
817 Illinois Ave, Mendota, IL 61342
8155395666
Edward Jones - Financial Advisor: Neal M O'Brien
609 Main St STE A, Mendota, IL 61342
8155393471
A reverse mortgage specialist in Mendota, 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 Mendota can guide you through the process, including understanding how property taxes and insurance obligations still apply.
What Does a Reverse Mortgage Specialist in Mendota Cost?
In Illinois, reverse mortgage costs include an origination fee capped at 2 percent of the first 200,000 dollars of home value plus 1 percent of the amount above that. Upfront mortgage insurance premium is 2 percent of the appraised value, and annual premiums are 0.5 percent. Third-party fees such as appraisal 400 to 600 dollars, title insurance 500 to 1,500 dollars, and recording fees 50 to 100 dollars also apply. Total costs vary by property value and lender. 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 Mendota do?
A reverse mortgage specialist in Mendota helps seniors evaluate if a HECM loan fits their needs. They explain loan terms, costs, and the counseling requirement under Illinois law. They do not provide financial advice but can coordinate with HUD-approved counselors.
Are there Illinois-specific rules for reverse mortgages?
Yes, Illinois requires that all reverse mortgage borrowers receive counseling from a HUD-approved agency before loan approval. The state also mandates a three-day right of rescission after closing. Specialists must follow these rules when working with Mendota residents.
How much does a reverse mortgage cost in Mendota Illinois?
Costs include an origination fee up to 2 percent of the home value, a mortgage insurance premium of 2 percent upfront plus 0.5 percent annually, and third-party fees for appraisal and title work. Total closing costs typically range from 2,000 to 8,000 dollars depending on home value and lender.
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BeforeMortgageUSA.com is not a mortgage referral service, or financial 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 mortgage licensing authority before hiring.
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.