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Browse reverse mortgage specialists serving Urbana, Illinois. Contact information and addresses listed below.
4 agents listed
Updated May 2026
Urbana, 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 4 reverse mortgage specialists in Urbana, 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.
Busey Wealth Management
201 W Main St, Urbana, IL 61801
2173654800
Hard Money Lenders Urbana IL
1606 Willow View Rd, Urbana, IL 61802
2176516255
Chase Mortgage
405 N Broadway Ave, Urbana, IL 61801
2173513271
PNC Mortgage
507 S Broadway Ave, Urbana, IL 61801
2172556950
A reverse mortgage specialist in Urbana, Illinois can help homeowners aged 62 and older convert home equity into tax-free funds without monthly payments. Illinois law requires borrowers to complete HUD-approved counseling before applying for a Home Equity Conversion Mortgage (HECM). Urbana residents should work with a specialist familiar with local property values and Champaign County regulations.
What Does a Reverse Mortgage Specialist in Urbana Cost?
Typical costs for a reverse mortgage specialist in Illinois include an origination fee up to 2 percent of the home value capped at 6000 dollars. Third-party fees such as appraisal title and recording costs range from 1000 to 3000 dollars. The upfront mortgage insurance premium is 2 percent of the appraised value. Annual mortgage insurance premiums are 0.5 percent of the loan balance. Costs vary by situation. 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 Urbana Illinois?
Borrowers must be at least 62 years old. All co-borrowers listed on the title must meet this age requirement under federal HECM guidelines.
Do I need counseling before getting a reverse mortgage in Illinois?
Yes. Illinois law requires all reverse mortgage applicants to complete a counseling session with a HUD-approved counselor. This session explains loan terms costs and alternatives.
Can I lose my home with a reverse mortgage in Urbana?
You can lose your home if you fail to pay property taxes homeowners insurance or maintain the property. Illinois law gives a 30-day cure period after a default notice.
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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.