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Showing 2 reverse mortgage specialists in Wood River, 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.
First Mid Bank & Trust
1046 Madison Ave, Wood River, IL 62095
6182548445
Edward Jones - Financial Advisor: Jim Pipkin, CFP®|CEPA®|AAMS®
656 Wesley Dr, Wood River, IL 62095
6182514932
What Does a Reverse Mortgage Specialist in Wood River 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), and third-party fees such as appraisal ($400 to $800) and title search ($300 to $600). Closing costs generally range from $2,000 to $8,000 depending on the loan amount and property value. 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 Wood River Illinois?
Borrowers must be at least 62 years old to qualify for a HECM reverse mortgage in Illinois. The youngest borrower on the title must meet this age requirement. This follows federal HUD rules that apply in Wood River and throughout the state.
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 must happen before you can submit a loan application. The counselor will explain costs, terms, and alternatives specific to your situation.