Illinois Reverse Mortgages

Illinois reverse mortgages are a popular choice for senior homeowners 62 years or older. Illinois homeowners with substantial equity now have a way to tap into home equity without taking on any monthly mortgage payments to do so.

Your Illinois home must be your primary residence. You must own it free and clear or have only a small mortgage balance in relationship to your homes' value. Your home can be a single-family dwelling, a condominium, a town home, an owner-occupied 2-4 family, or a manufactured home built after June of 1976. If your home is a manufactured home, you must own the land that it is on and it must be on a HUD approved permanent foundation.

HECM (Home Equity Conversion Mortgage) is insured by FHA and is the most widely used program for Illinois reverse mortgages. The reason they are a popular choice is because they usually offer the highest loan amount as well as the most choices for how you can receive your loan proceeds. They are also the safest option because they are federally insured.

HECM (Home Equity Conversion Mortgage) Loans in Illinois

HECM (Home Equity Conversion Mortgage) is insured by FHA and is the most widely used program for Illinois reverse mortgages. The reason they are a popular choice is because they usually offer the highest loan amount as well as the most choices for how you can receive your loan proceeds. They are also the safest option because they are federally insured.

If you research Illinois reverse mortgages issued through HUD you will find that you can never outlive your loan benefits and that your house stands alone for the outstanding debt. At the time you permanently move out of your home or pass away, your heirs can either sell your home to pay off the reverse mortgage or they can refinance the loan if they wish to keep the home. HECM Illinois reverse mortgages are non-recourse loans, which means that the house stands alone for the debt, not your estate or your heirs.

Illinois reverse mortgages do not interfere with your Social Security or Medicare benefits. The money you receive is Tax-Free and can be used for any purpose you choose. There are never any mortgage payments to be made for as long as you continue to live in your home as your primary residence.

If you would like to see if you have enough equity in your Illinois home to qualify, use our free reverse mortgage calculator, to get an estimate of how much money you might be able to receive.

If you find that you have enough equity and would like to get a detailed summary that is customized for you and your particular property details, please request an Illinois reverse mortgages benefit summary today!

• Link To Illinois AARP