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 Palos Park, 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.
Dan Rogers at Rate (NMLS #131966)
9646 W 131st St, Palos Park, IL 60464
7089064183
Linda Winge at Guaranteed Rate (NMLS #221663)
9646 W 131st St, Palos Park, IL 60464
7085720519
Matt Ulmer at Rate (NMLS #190980)
9646 W 131st St, Palos Park, IL 60464
7089064184
What Does a Reverse Mortgage Specialist in Palos Park Cost?
Typical costs for a reverse mortgage in Illinois include an origination fee of up to 2 percent of the home value (capped at $6,000), a mortgage insurance premium of 2 percent of the appraised value, and third-party fees for appraisal title and credit report. Total closing costs often range from $8,000 to $15,000. These costs can be financed into the loan. 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 are the age requirements for a reverse mortgage in Palos Park Illinois?
Borrowers must be at least 62 years old. For married couples, both spouses must meet the age requirement if they want to remain on the loan. Illinois law does not change this federal HUD rule.
Do I need to attend counseling for a reverse mortgage in Illinois?
Yes. Illinois requires all reverse mortgage applicants to complete a counseling session with a HUD-approved counselor. The session covers loan terms, costs, and alternatives. You must receive a certificate before the loan can proceed.
Can I lose my home with a reverse mortgage in Palos Park?
You can lose your home if you fail to pay property taxes, homeowners insurance, or maintain the property. Illinois law gives lenders the right to foreclose if these obligations are not met. You must keep the home as your primary residence.