SeniorHomes.net has partnered with some of the top Illinois reverse mortgage lenders who are providing senior homeowners an alternative option to stay in their homes while receiving either an upfront lump sum payment, monthly payment, line of credit or some combination of the previously mention.
Reverse Mortgage Lenders in IL
Qualifying for a reverse mortgage are relatively simple when compared to a traditional mortgage.
Borrower must be age 62 or older (if multiple borrowers, at least one must be 62)
Property must be HUD approved (a single family home or a 2-4 unit home with the borrower living in one of the units, some condo units)
Take a HUD approved counseling session about a reverse mortgage
Important Information: Reverse Mortgages are neither "endorsed" nor "approved" by the Federal Government. The FHA (Federal Housing Administration) provides certain insurance benefits for lenders and borrowers in connection with the lender’s HECM loans; the FHA does not make or originate loans. It is strongly advised that you consult with your family and / or trusted financial planner when considering any reverse mortgage loan.