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Waukegan Reverse Mortgages
Illinois Reverse Mortgages
Larry brings knowledge and expertise to his role as a reverse mortgage consultant. He spent many years as a reverse mortgage managing director... Read More
Larry McAnarney
Reverse Mortgage Consultant
Office - 630-276-9326 | Toll-free – 888-898-7121 | Cell - 815-654-7100
Email | Website
Reverse Mortgages in Waukegan, IL.
If you are a resident of Waukegan, IL. and are looking for a Illinois Reverse Mortgage then please read on. This page contains information on the Waukegan reverse mortgage. Senior Reverse Mortgage Online is a national provider of reverse mortgages, and offers loans in each city across the state. We also act as A Reverse Mortgage Referral Service, so if you prefer to work with someone in your immediate area, you can do just that. Visit our Reverse Mortgage Directory for local Waukegan reverse mortgage providers. Benefits and highlights of the Waukegan reverse mortgage are listed below.
A Reverse Mortgage is a federally-insured home loan that lets a homeowner convert a portion of the home's equity into cash. The equity can be paid to you, the borrower, in one large lump sum, in monthly term or lifetime payments, or be retained in an interest bearing account until the funds are needed. With a Waukegan reverse mortgage, unlike a traditional home equity loan or second mortgage, NO REPAYMENT of the loan is necessary, so long as the borrower lives in the home. This makes it a good source for More Retirement Income. Additional information on the Waukegan, IL. reverse mortgage is listed below.
Waukegan 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
Waukegan Reverse Mortgage Payment Options
- >> Lump sum disbursement
- >> Monthly payments
- >> Line of credit
- >> A combination of the Above
Waukegan Reverse Mortgage Loan Amount
The amount of a reverse mortgage loan is based on several factors.
- >> Age of the youngest borrower
- >> Value of the home
- >> How much is owed on the home (if any)
- >> Current interest rate
To learn more about reverse mortgages in Waukegan, IL. please request a free Reverse Mortgage Quote online. There is no obligation, and the information is free. You may visit the following link to return to the Senior Reverse Mortgage home page.
Reverse mortgage lenders on this page provide loans for the following Waukegan area zip codes:
60079, 60085, 60087.
