Reverse Mortgage Specialists in New Lenox, IL
Looking for a reverse mortgage specialist in New Lenox? Review the directory below to compare your options.
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 5 reverse mortgage specialists in New Lenox, 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.
What Does a Reverse Mortgage Specialist in New Lenox 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 $6,000 for FHA loans), a mortgage insurance premium of 2 percent of the appraised value, and third-party fees for appraisal (around $400 to $600) and title search (around $300 to $500). Closing costs generally range from $2,000 to $5,000. These costs are often 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 eligibility requirements for a reverse mortgage in New Lenox?
You must be at least 62 years old and own your home outright or have a low mortgage balance. The home must be your primary residence and meet FHA property standards. Illinois law also requires a mandatory counseling session with a HUD-approved counselor before you can apply.
How does a reverse mortgage affect my New Lenox property taxes and insurance?
You must continue to pay property taxes and homeowners insurance on time. Failure to do so can lead to loan default and possible foreclosure. Illinois law does not provide special exemptions for reverse mortgage borrowers regarding tax or insurance obligations.
Can I lose my home with a reverse mortgage in Illinois?
Yes, you can lose your home if you do not pay property taxes or insurance, fail to maintain the property, or move out of the home for more than 12 consecutive months. Illinois law gives lenders the right to foreclose if these conditions are not met.