Free Reverse Mortgage PDF's
Illinois Reverse Mortgage Directory
Illinois Reverse Mortgage Specialists
Welcome to the Illinois state reverse mortgage directory. The following reverse mortgage brokers and lenders offer reverse mortgages and other loan solutions in the state of Illinois. Please contact a specialist below for additional details and program offerings.
Reverse Mortgage Consultant
Larry McAnarney has been originating reverse mortgage loans since 1999 and would like to earn your trust and be your resource for reverse mortgage information. He will make certain that you understand how a reverse mortgage loan works and help you determine if it’s right for you. Should you decide that the reverse mortgage is right for you, he can also help you obtain a reverse mortgage loan, walking you through the loan process step by step... Read More
Larry McAnarney
NMLS ID 21059
Reverse Mortgage Consultant
Toll-free – 888-898-7121 | Cell - 815-654-7100
Email | Website
A Reverse Mortgage is a unique type of home loan product that directly benefit seniors during their retirement years. Increasingly, seniors are taking advantage of reverse mortgages to ease the high cost of gas prices, prescriptions drug costs, or just to free up extra money. The Illinois Reverse Mortgage is growing in popularity, as is the reverse mortgage across the USA. Proof of this growing popularity is indicated by the below numbers (as brought to you by NRMLA, the National Reverse Mortgage Lenders Association.)
- 2005 - 48,493 homeowners took out a reverse mortgage
- 2006 - 86,639 homeowners took out a reverse mortgage
- 2007 - 132,252 homeowners took out a reverse mortgage
There are a variety of Illinois reverse mortgages loans available. The most popular reverse mortgage in Illinois is the HECM. This is the Home Equity Conversion Mortgage, and is what over 90% of homeowners decide on when they consider getting a reverse mortgage loan. Illinois reverse mortgages are offered unders the following conditions:
IL Reverse Mortgage Requirements:
- >>Borrowers must be Age 62 years or older
- >>Own their home and have enough equity in to qualify
- >>Occupy the home as primary residence
- >>Receive counseling by an approved HUD/FHA counselor
- >>The home must be in reasonably good repair
Revere Mortgage Resources
We do not make loans. If there is not a licensed representative in your area feel free to inquire with HUD, or the mortgage regulatory body in your state for more information on reverse mortgages. You may also contact the National Reverse Mortgage Lenders Association, or "NRMLA" for a licensed representative in your state.
