ADVERTISING DISCLOSURE: BeforeMortgageUSA.com is an informational directory, not an mortgage company or broker. We do not sell insurance or provide mortgage or financial advice. No broker-client relationship is created by using this site. No broker listed on this site has paid for, authorized, or approved their listing. This is an advertisement.
Find Reverse Mortgage Specialists Near You in Scott AFB, IL
Browse reverse mortgage specialists serving Scott AFB, Illinois. Contact information and addresses listed below.
2 agents listed
Updated May 2026
Scott AFB, 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 2 reverse mortgage specialists in Scott AFB, 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.
Veterans United Home Loans Scott AFB
735 Seibert Rd #3, Scott AFB, IL 62225
6187464699
Regions Mortgage
406 Ward Dr, Scott AFB, IL 62225
8007344667
A reverse mortgage specialist in Scott AFB Illinois helps homeowners aged 62 and older convert home equity into loan proceeds. Illinois law requires borrowers to complete mandatory counseling from a HUD-approved agency before obtaining a Home Equity Conversion Mortgage (HECM). Scott AFB residents can use these funds for home repairs, medical expenses, or supplementing retirement income.
What Does a Reverse Mortgage Specialist in Scott AFB Cost?
Typical costs for a reverse mortgage in Illinois include an origination fee of up to 2 percent of the home value, an upfront mortgage insurance premium of 2 percent of the appraised value, and appraisal fees ranging from 400 to 800 dollars. Closing costs and servicing fees also apply. Total costs often range from 5,000 to 15,000 dollars depending on the home value 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 eligibility requirements for a reverse mortgage in Scott AFB Illinois?
You must be at least 62 years old and own your home outright or have a low mortgage balance. The property must be your primary residence and meet FHA standards. Illinois law also requires you to attend a counseling session with a HUD-approved counselor before applying.
How does a reverse mortgage affect my heirs in Illinois?
Heirs can repay the loan balance or sell the home to satisfy the debt. If the home is sold for less than the loan amount, FHA insurance covers the difference. Heirs have 30 days after the last borrower dies to decide, with possible extensions from the lender.
Are reverse mortgage proceeds taxable in Illinois?
No, reverse mortgage proceeds are not considered income by the IRS or the State of Illinois. They do not affect Social Security or Medicare benefits. However, they may affect need-based programs like Medicaid if the funds are not spent in the same month.
Free • No Obligation
Compare Reverse Mortgage Specialists
Get matched with agents in Scott AFB who handle your type of case.
Affiliate Form Embed
Replace with iframe/embed code from your affiliate network
Affiliate Disclosure
The form above is provided by a third-party legal marketing service. BeforeMortgageUSA.com receives compensation when you submit a qualified inquiry. This is a free service with no obligation to hire any broker. Your information is collected and handled by the form provider according to their privacy policy.
Legal Notice
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.