Buyers Guides » Reverse Mortgage » Best Reverse Mortgage Companies in Chicago, IL

Best Reverse Mortgage Companies in Chicago, IL

We chose the best reverse mortgage companies in Chicago, IL, based on loan options, costs, and customer reviews.

Latest update: December 28, 2022

Best Reverse Mortgage Companies in Chicago, IL

Finance of America Reverse

As a member of the National Reverse Mortgage Lenders Association (NRMLA), Finance of America Reverse has retailers licensed in 43 states and a wholesale division licensed in 42 states and Puerto Rico. Its goal is to help you optimize your retirement, help ease financial worries and diversify your investments through a reverse mortgage.

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.

Magnolia Bank

Magnolia Bank offers personalized service for reverse mortgages and quick closing. Magnolia Bank 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:

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.

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:

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, 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.

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, 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.

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

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.

Fairway Independent Mortgage Corporation
Address 3942 N Central Ave, Chicago, IL 60634
Phone Number (773) 392-8940


Townstone Financial Inc

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.

Townstone Financial Inc
Address 329 W 18th St #305a, Chicago, IL 60616
Phone Number (312) 896-2110


Elite Rate LLC

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.

Elite Rate LLC
Address 1016 W Jackson Blvd Ste 202, Chicago, IL 60607
Phone Number (708) 557-8401


Lenderment

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.

Lenderment
Address 1500 N Halsted St #200, Chicago, IL 60642
Phone Number (866) 691-0100


Command Financial Group LLC

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.

Command Financial Group LLC
Address 2150 S Canalport Ave #2C7, Chicago, IL 60608
Phone Number (877) 800-1077

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