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Find Reverse Mortgage Specialists Near You in Waukegan, IL
Directory of reverse mortgage specialists in Waukegan, Illinois. Verify credentials with the state mortgage licensing authority before hiring.
3 agents listed
Updated May 2026
Waukegan, 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 3 reverse mortgage specialists in Waukegan, 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.
Diamond Residential Mortgage Corporation
2001 N Green Bay Rd, Waukegan, IL 60087
8476729662
Tammy Moore at Diamond Residential Mortgage Corporation
2001 N Green Bay Rd, Waukegan, IL 60087
8476729662
Chase Home Lending
3950 Fountain Square Pl, Waukegan, IL 60085
6162140431
Reverse mortgage specialists in Waukegan help homeowners aged 62 and older access home equity through FHA-insured Home Equity Conversion Mortgages (HECMs). Illinois law requires borrowers to complete a counseling session with a HUD-approved agency before applying. Waukegan residents in Lake County may use reverse mortgage proceeds for home repairs, medical expenses, or supplementing retirement income.
What Does a Reverse Mortgage Specialist in Waukegan Cost?
Typical costs for a reverse mortgage in Illinois include an origination fee (up to $6,000), a mortgage insurance premium (2% of the home value upfront plus 0.5% annually), appraisal fees ($400 to $800), and closing costs ($1,500 to $3,000). Total costs usually range from $5,000 to $15,000, depending on home value and loan type. These costs are often 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 and equity requirements for a reverse mortgage in Waukegan?
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. Illinois law does not add extra age requirements beyond federal HUD rules.
Do I have to pay property taxes and insurance with a reverse mortgage in Illinois?
Yes. You must continue to pay property taxes, homeowners insurance, and maintain the home. Failure to do so can lead to loan default and foreclosure. Illinois has no state law exempting reverse mortgage borrowers from these obligations.
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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.