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Compare Reverse Mortgage Specialists in Morris, IL
Looking for a reverse mortgage specialist in Morris? Review the directory below to compare your options.
3 agents listed
Updated May 2026
Morris, 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 Morris, 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.
Guaranteed Rate
223 Liberty St First Floor, Morris, IL 60450
8155854211
Matt Mallon at Rate (NMLS #463018)
223 Liberty St First Floor, Morris, IL 60450
8155854211
Chase Home Lending
1925 N Division St, Morris, IL 60450
6262336277
A reverse mortgage specialist in Morris, Illinois helps homeowners aged 62 and older convert home equity into loan proceeds. Illinois law requires borrowers to complete a HUD-approved counseling session before applying. Specialists guide clients through the process, including understanding repayment terms and property tax obligations in Grundy County.
What Does a Reverse Mortgage Specialist in Morris Cost?
Typical costs for a reverse mortgage specialist in Illinois include an origination fee of up to 2 percent of the homes value, a mortgage insurance premium of 2 percent of the appraised value, and third-party fees for appraisal, title search, and recording. Total closing costs often range from 2,000 to 6,000 dollars. These costs are usually 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 and equity requirements for a reverse mortgage in Morris 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 and meet HUD property standards. In Illinois, the loan amount depends on the youngest borrowers age and the homes appraised value.
Is counseling required before getting a reverse mortgage in Illinois?
Yes, Illinois law mandates that all borrowers complete a counseling session with a HUD-approved counselor before submitting an application. The session covers loan costs, alternatives, and financial implications. The counselor must be independent from the lender.
Can a reverse mortgage affect my property taxes in Morris Illinois?
Yes, you must continue to pay property taxes and homeowners insurance. Failure to pay can lead to loan default and foreclosure. In Grundy County, tax exemptions like the Senior Freeze may still apply, but you should verify with the county assessor.
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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.