Best Reverse Mortgage Companies in Chicago, IL
American Advisors Group (AAG)
American Advisors Group puts its sole focus on reverse mortgage lending, so it's focused on helping you access your home’s equity.
Community First National Bank
Community First National Bank offers personalized service for reverse mortgages and quick closing. The company offers FHA-backed Home Equity Conversion Mortgage and offers various fund distribution schedules.
Senior Reverse Mortgage Group, Inc.
Offers reverse mortgages for borrowers 55 and older, as well as HECMs for purchase. Reverse mortgages are available on non-FHA condos. Local office offering loans from multiple lenders. Meet face-to-face at your home or at the branch.
Smooth Mortgage Company, LLC
Partners with multiple lenders to bring you the best rates. Offers a variety of home financing, including reverse mortgages. Complete the application, upload documents, and close on the loan from the comfort of your home.
Fairway Independent Mortgage Corporation
FHA-approved direct lender offering HECMs, jumbo reverse mortgages and HECMs for purchase. Convert your equity into tax-free cash. Bilingual agents.
Townstone Financial Inc
Schedule a free consultation or listen to the Townstone Financial show or podcast. Provides a range of home loan options, including HECMs. Closing in as few as 10 days. Ask about low closing costs.
Elite Rate LLC
Get a quote and apply online or call for a free, personalized consultation. Mortgage broker offering home loan programs from over 25 lenders. NMLS licensed agent.
Lenderment
Offers personalized mortgage loan solutions to fit the borrower’s needs. Use the online evaluator tool to find out if a reverse mortgage is right for you. Get started with pre-approval and application online. No hidden fees.
Command Financial Group LLC
Broker offering HECMs from FHA-approved lenders. Get a hassle-free quote with no application or credit check. Call to talk with a loan specialist about the pros and cons of a reverse mortgage.
Reverse Mortgage Costs in Chicago, IL
Homeowners in Chicago can borrow up to $970,800 for a reverse mortgage, the 2023 HECM maximum nationwide claim amount. When budgeting for your reverse mortgage costs, remember to account for interest, lender servicing fees, the annual mortgage insurance premium, and other housing expenses like flood insurance or property taxes. Reverse mortgage origination fees cannot exceed $6,000. Several factors impact the cost of a reverse mortgage in Illinois:
- Age of borrower
- Home equity
- Lender fees
- Market interest rates
- Credit history
- Type of loan
How a Reverse Mortgage Works
You can take out a reverse mortgage on single-family homes, condos, townhomes, certain manufactured homes, and two- to four-unit multi-family homes in which the borrower occupies one unit. Vacation homes, rental homes, and investment properties do not qualify. HECMs also have a lending limit that adjusts annually, but homes over the FHA limit might qualify for a proprietary reverse mortgage from a private lender. A reverse mortgage allows borrowers to leverage their home equity for cash. Then, they’ll use the money to supplement retirement income, make necessary aging-in-place improvements or home repairs, or reduce their monthly housing expenses. Reverse mortgage holders don’t make monthly payments. Instead, the lender pays the borrower via a monthly disbursement, lump sum payment upfront, a line of credit, or a combination of these payouts. You can decide how to spend the funds from a reverse mortgage, but if you cannot keep up with property taxes, homeowners insurance, and home maintenance costs, the lender will require you to set aside funds from the loan to cover those expenses.
Chicago, IL, Reverse Mortgage Eligibility Requirements
A reverse mortgage is a good financial tool for Chicago retirees who meet these requirements:
- Are 62 years or older
- Own their home and have enough equity to qualify
- Occupy the home as primary residence
- Receive counseling by an approved HUD/FHA counselor
- The home must be in reasonably good repair
Chicago, IL, Reverse Mortgage Company Reviews
Senior Reverse Mortgage Group, Inc.

Senior Reverse Mortgage Group specializes in reverse mortgages. It can qualify borrowers below the national threshold of 65—as young as 55. They also have reverse mortgages available for non-FHA-approved condos. Call for a free in-home consultation. Reviewers appreciate the company’s tenacity in completing their loans, and said agents were incredibly responsive and knowledgeable. Others liked that representatives came to their homes and made the process easy.
- Younger applicants qualify
- Can select offers from multiple lenders
Senior Reverse Mortgage Group, Inc. | |
Address | 161 N Clark St Ste 1600, Chicago, IL 60601 |
Phone Number | (312) 588-7140 |
Smooth Mortgage Company, LLC

Smooth Mortgage Company partners with multiple lenders to bring you the best rate on a full suite of home loans. The company focuses on making the loan process easy, with one point of contact from beginning to end. Expedite the reverse mortgage process by uploading documents, signing electronically, and completing closing from the comfort of your home. This company has a five-star reputation with its reviewers. Clients said loan officers worked hard to obtain a great rate and communicated every step of the way.
- Extended office hours
- Can compare rates from multiple lenders
Smooth Mortgage Company, LLC | |
Address | 4001 W Devon Ave #321, Chicago, IL 60646 |
Phone Number | (708) 669-7458 |
Fairway Independent Mortgage Corporation

Fairway Independent Mortgage Corporation is a direct lender offering a variety of home loan financing, including HECMs, jumbo reverse mortgages, and HECMs for purchase. Bridge the Medicare gap, live without monthly mortgage payments, increase your purchasing power or move into a new home for retirement or to be closer to the grandkids. Reviewers gave this company five stars for professionalism, quality and responsiveness, with many saying agents go the extra mile to answer questions.
- Bilingual agents
- 36 office locations around the state
Fairway Independent Mortgage Corporation | |
Address | 3942 N Central Ave, Chicago, IL 60634 |
Phone Number | (773) 392-8940 |
Townstone Financial Inc

Townstone Financial Inc is a broker providing a full suite of home loans from multiple lenders, including reverse mortgage HECMs. The company is accredited by the Better Business Bureau and they prioritize customer education. Clients said the Townstone team was fantastic and service was exceptional. Reviewers mentioned that agents were very thorough and kept in touch every step of the way.
- Free mortgage consultation
- Company runs podcast and comprehensive educational blog
Townstone Financial Inc | |
Address | 329 W 18th St #305a, Chicago, IL 60616 |
Phone Number | (312) 896-2110 |
Elite Rate LLC

Ricky Vazquez – Elite Rate LLC offers a variety of home loan programs, including reverse mortgages for seniors looking to increase their monthly incomes. The company acts as a broker, meaning you’ll get to compare loan options from multiple lenders and find the best rate. Ricky Vazquez earned a five-star rating from all reviewers. Clients said he was diligent in finding the best loans and deals, and his service was exceptional.
- Boutique broker offering 1:1 consultations
- Top-rated mortgage expert on Google and Zillow
Elite Rate LLC | |
Address | 1016 W Jackson Blvd Ste 202, Chicago, IL 60607 |
Phone Number | (708) 557-8401 |
Lenderment

Lenderment has a free reverse mortgage evaluator tool on its website to help you decide if this type of loan could work for you, along with a pre-approval tool. The company offers a variety of loan options with highly competitive rates, including HECMs and HECMs for purchase. Clients said the process was smooth, stressless, and fast—with a competitive rate, too. One reviewer mentioned that the online portal was easy to navigate.
- Online calculator and pre-approval tool available
- 100% close rate
Lenderment | |
Address | 1500 N Halsted St #200, Chicago, IL 60642 |
Phone Number | (866) 691-0100 |
Command Financial Group LLC

DCommand Financial Group LLC is a veteran-owned mortgage broker with access to dozens of lenders and options, including FHA-approved lenders offering HECMs. Loan officers work with you through every step of the process. The company provides a no-pressure quote with no credit pull. Customers gave Command Financial Group five stars for quick pre-approvals, fast closings and helpful loan officers. Clients liked that their loan officers took the time to explain everything and were available to answer questions.
- Simple online calculator and application portal
- Licensed in eight states
Command Financial Group LLC | |
Address | 2150 S Canalport Ave #2C7, Chicago, IL 60608 |
Phone Number | (877) 800-1077 |