SeniorHomes.net has partnered with some of Cook County's top reverse mortgage lenders helping Oak Lawn seniors with an additional financial option. While a reverse mortgage may not be everyone, the loan can be a great retirement tool if properly understood. Talk with one of our advisors serving Oak Lawn and see if a reverse mortgage, also referred to as a HECM, is right for your situation.
Reverse Mortgage Company in Oak Lawn
The requirements are relatively simple when compared to a traditional mortgage.
Homeowner 62 or older (if multiple borrowers, at least one must be 62)
Property must be a single family home or a 2-4 unit home with the borrower living in one of the units.
Take a HUD approved course about 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.