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Directory of reverse mortgage specialists in Woodstock, Illinois. Verify credentials with the state mortgage licensing authority before hiring.
5 agents listed
Updated May 2026
Woodstock, 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 5 reverse mortgage specialists in Woodstock, 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.
Tower Loan
1200 Davis Rd, Woodstock, IL 60098
8153377519
Wells Fargo Advisors FiNet - The Hafferkamp Wealth Management Group
2424 Lake Shore Dr Ste A, Woodstock, IL 60098
8156870203
Chase Mortgage
118 Cass St, Woodstock, IL 60098
8153382900
Pete Waterson Senior Loan Officer
1007 Dakota Dr, Woodstock, IL 60098
8477072464
GreenState Mortgage
140 Newell St, Woodstock, IL 60098
8153379220
Reverse mortgage specialists in Woodstock Illinois help homeowners aged 62 and older access home equity without monthly payments. Illinois law requires borrowers to complete a counseling session with a HUD-approved agency before applying. Specialists in McHenry County can guide you through the specific requirements for Federally insured Home Equity Conversion Mortgages in this area.
What Does a Reverse Mortgage Specialist in Woodstock Cost?
Typical costs for a reverse mortgage in Illinois include an origination fee of up to 2 percent of the home value (capped at 6000 dollars), a mortgage insurance premium of 2 percent of the appraised value, and third-party fees for appraisal title and recording ranging from 500 to 1500 dollars. Closing costs often total 3000 to 8000 dollars depending on home value and lender. 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 qualifications must a reverse mortgage specialist have in Woodstock Illinois?
Specialists must be licensed mortgage loan originators in Illinois through the Nationwide Multistate Licensing System. They should also have experience with HECM loans and knowledge of Illinois property tax deferral programs for seniors.
Are there specific Illinois laws that affect reverse mortgages in Woodstock?
Yes. Illinois requires a mandatory three-day right of rescission after closing. Borrowers must also receive a list of at least five HUD-approved counseling agencies. The state prohibits certain fees like prepayment penalties on reverse mortgages.
How does a reverse mortgage affect my property taxes in Woodstock Illinois?
You must continue to pay property taxes to McHenry County. Illinois offers a Senior Citizens Assessment Freeze Homestead Exemption which can help lower your tax bill. Failure to pay taxes can lead to loan default.
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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.