It's helpful to work with reverse mortgage licensed specialists in the area because they understand the real estate environment in your state. Please fill out the form on this page to have a reverse mortgage specialist contact you. And of course, if you have any questions about applying for a reverse mortgage in Illinois, don't hesitate to contact one of our specialists at any time.At the age of 62 years old, retired or not, you could use your home's equity to obtain a reverse mortgage loan. Illinois seniors across the state are turning to reverse mortgages to help pay off medical bills, renovate their homes, or just feel more secure knowing they have immediate access to money should the need arise.
Paying Back a Reverse MortgageWhile having extra cash and no mortgage payments sounds great, you may wonder how you pay back the reverse mortgage.* With a reverse mortgage, you are not required to repay the loan until the loan becomes due and payable. The loan generally becomes due and payable if you (or an eligible non-borrowing spouse during a deferral period) move, sell the property, or pass away. The loan also becomes due and payable if you (or an eligible non-borrowing spouse during a deferral period) fail to pay property taxes and insurance premiums or fail to maintain your home. A huge benefit of a reverse mortgage is that they are what is known as a nonrecourse loan, meaning you will never be responsible to pay more than the appraised value of your home. If the loan comes due because the last homeowner passed away, the borrower's heirs could pay off the loan by selling the home, using their own funds or refinancing the loan. However, there is no guarantee that the borrower's heirs will be able to refinance the loan in the future. Refinancing the loan will depend on the heirs' future financial situation, the property value and market conditions." While you have a reverse mortgage, you continue to own your home, and you are required to continue paying all property taxes and insurance premiums. You're also obligated to keep the home well maintained.
Illinois Reverse Mortgage SpecialistsIllinois borrowers are beginning to rediscover the feeling of financial security and capitalizing on the value of their biggest investment, their homes. One Reverse Mortgage works with multiple reverse mortgage licensed specialists in Illinois. Please fill out the form on this page to have a reverse mortgage specialist contact you.
*Homeowner must still maintain the property and pay homeowners insurance and property taxes to avoid foreclosure.