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Eligible homeowners may be able to obtain a reverse mortgage in Illinois and achieve greater financial freedom throughout retirement. By tapping into a portion of home equity and converting it into loan proceeds, an Illinois reverse mortgage may offer several distinct benefits such as:
For more information on how a reverse mortgage—commonly known as the home equity conversion mortgage (HECM) program—can help you finance your retirement, refer to GoodLife’s reverse mortgage guide.
To receive a HECM, residents of the Prairie State will need to meet the federal reverse mortgage qualifications established by the Dept. of Housing and Urban Development (HUD) and the Federal Housing Administration (FHA).
Additional reverse mortgage requirements in Illinois state that borrowers must maintain their property to FHA standards and attend a counseling session approved by HUD. To see whether you meet reverse mortgage eligibility criteria, contact GoodLife for further assistance.
Use our reverse mortgage calculator to receive a free loan estimate.
The Reverse Mortgage Specialists at GoodLife can walk you through the entire reverse mortgage application process, and will gladly answer any questions you may have that arise along the way. We break the process into four steps:
First, we’ll go over the reverse mortgage qualifications in Illinois, discuss the various terms of a HECM loan, and confirm that this financial product may be a viable solution to help you achieve your goals in retirement.
GoodLife is a trusted reverse mortgage company lending in Illinois, but HUD requires all HECM applicants to attend a counseling session with an approved, unbiased third-party who can provide more information.
After meeting with a counselor and submitting your application, an appraiser will inspect the home to ensure compliance with FHA standards. He or she will also determine the value of the property, which is used to help establish the loan’s value; to see how much you may qualify to borrow, refer to our reverse mortgage calculator for a free estimate.
Once your application is approved, borrowers may elect to receive their loan proceeds as a lump sum, line of credit, or monthly installment.
For additional answers to your questions, refer to our reverse mortgage FAQs.
The potential amount of the loan is based on three variables: 1) the appraised property value; 2) the age of the youngest borrower; and 3) current interest rates.
Although borrowers can make monthly payments, they are not required to do so until the loan reaches a maturity event that triggers its Due and Payable status.
Interest rates may vary depending on the type of loan disbursement you receive, but an IL reverse mortgage lender will use an index and margin to determine your variable interest rate at the time of application.