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Showing 2 reverse mortgage specialists in Romeoville, 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.
Chase Home Lending
399 S Weber Rd, Romeoville, IL 60446
7739643204
Chase Mortgage
50 Phelps Ave, Romeoville, IL 60446
8158869595
What Does a Reverse Mortgage Specialist in Romeoville 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), a mortgage insurance premium of 2 percent of the appraised value, and third-party fees such as appraisal and title search ranging from $500 to $1,500. Closing costs generally total between $2,000 and $5,000. These amounts vary by lender and loan type. 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 Romeoville Illinois?
Borrowers must be at least 62 years old. If the home is owned jointly with a spouse, the younger spouse must also meet the age requirement to be a co-borrower.
Do I need to own my home free and clear to qualify for a reverse mortgage in Romeoville?
No, you do not need to own your home free and clear. However, any existing mortgage or liens must be paid off with the reverse mortgage proceeds at closing.
Is reverse mortgage counseling required in Illinois?
Yes, Illinois law requires all reverse mortgage applicants to complete a counseling session with a HUD-approved counselor before submitting a loan application. This session covers loan terms, costs, and alternatives.