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Showing 2 reverse mortgage specialists in South Elgin, 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.
Direct Mortgage Corporation
460 Briargate Dr STE 200, South Elgin, IL 60177
8476220564
Chase Home Lending
536 S Randall Rd, South Elgin, IL 60177
8474681241
What Does a Reverse Mortgage Specialist in South Elgin Cost?
In Illinois, reverse mortgage costs include an origination fee capped at 2500 dollars or 2 percent of the first 200000 dollars of home value plus 1 percent of the amount over 200000 dollars. Upfront mortgage insurance premium is 2 percent of the appraised value. Third party fees for appraisal, credit report, and title insurance vary but often total 500 to 1500 dollars. Annual servicing fees may apply. 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 is a reverse mortgage specialist in South Elgin Illinois?
A reverse mortgage specialist is a licensed professional who guides homeowners through the process of obtaining a Home Equity Conversion Mortgage or HECM. They explain eligibility requirements, loan terms, and repayment obligations under Illinois and federal rules.
What are the Illinois specific requirements for a reverse mortgage?
Illinois requires all reverse mortgage applicants to attend a HUD approved counseling session. Borrowers must be at least 62 years old and own their home outright or have a low mortgage balance. The home must be the borrower's primary residence.
How much does a reverse mortgage cost in South Elgin Illinois?
Costs include an origination fee up to 2 percent of the home value, a mortgage insurance premium of 2 percent upfront and 0.5 percent annually, and third party fees for appraisal and title work. Total closing costs typically range from 2000 to 6000 dollars depending on the loan amount.