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 Western Springs, 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.
United Home Loans
1023 Burlington Ave, Western Springs, IL 60558
8664706075
Jeff Dulla | United Home Loans
1023 Burlington Ave, Western Springs, IL 60558
7085318322
Chris Ulrich - United Home Loans
1023 Burlington Ave, Western Springs, IL 60558
7085318324
Mark Mieczkowski at Guaranteed Rate (NMLS #195107)
1023 Burlington Ave, Western Springs, IL 60558
7084045983
What Does a Reverse Mortgage Specialist in Western Springs Cost?
Typical costs for a reverse mortgage in Illinois include an origination fee up to 2 percent of the first 200000 dollars of home value plus 1 percent of the amount over 200000. Upfront mortgage insurance premium is 2 percent of the appraised value. Third party costs like appraisal title and recording fees range from 2000 to 5000 dollars. Total closing costs often fall between 8000 and 15000 dollars. This is general information 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 Western Springs Illinois?
Borrowers must be at least 62 years old. All co-borrowers on the title must meet this age requirement under federal HUD rules. Illinois state law does not change this minimum age.
Do I need to own my home free and clear to get a reverse mortgage in Illinois?
No you do not need to own your home free and clear. You can use a reverse mortgage to pay off an existing mortgage balance. The loan must be a first lien on the property and you must have sufficient equity.
What happens to my reverse mortgage when I pass away in Illinois?
The loan becomes due when the last borrower dies or permanently moves out. Heirs have up to 12 months under Illinois law to sell the home or pay off the loan balance. They will not owe more than the home is worth.