Best Reverse Mortgage Companies in Chicago, IL
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We chose the best reverse mortgage companies in Chicago, IL, based on loan options, costs, and customer reviews.
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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.
Mutual of Omaha Reverse
Mutual of Omaha Reverse Mortgage is committed to educating customers to help them find the right loan for their needs. Consumers can learn about reverse mortgages and apply for a loan using the ground-breaking mobile app or the website.
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
The most common type of reverse mortgage is a Home Equity Conversion Mortgage, or HECM, which is backed by the FHA. Many lenders also offer a HECM for purchase option, which allows the borrower to take a reverse mortgage to purchase a new home.
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
About 45% of Chicago residents own their homes, according to the U.S. Census. Proceeds from a reverse mortgage can supplement retirement savings or help bridge the gap between early retirement and the onset of social security payments should you need to make home repairs or modifications. A reverse mortgage does not make sense for homeowners who plan to sell their homes or move to a retirement community, as the loan becomes due when the home is no longer the borrower’s primary residence. Homeowners who qualify for another type of home equity loan or line of credit won’t need a reverse mortgage. Before you can apply for a reverse mortgage, you must meet with a reverse mortgage counselor to discuss how the loan works, your qualifications, and the responsibilities you incur when taking out a reverse mortgage.
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.
Can select offers from multiple lenders
Younger applicants qualify
| 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.
Can compare rates from multiple lenders
Extended office hours
| 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.
36 office locations around the state
Bilingual agents
| 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.
Company runs podcast and comprehensive educational blog
Free mortgage consultation
| 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.
Top-rated mortgage expert on Google and Zillow
Boutique broker offering 1:1 consultations
| 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.
100% close rate
Online calculator and pre-approval tool available
| 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.
Licensed in eight states
Simple online calculator and application portal
| Address | 2150 S Canalport Ave #2C7, Chicago, IL 60608 |
| Phone Number | (877) 800-1077 |