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Michael G. Branson, CEO of All Reverse Mortgage, Inc., and moderator of ARLO™, has 45 years of experience in the mortgage banking industry. He has devoted the past 20 years to reverse mortgages exclusively. (License: NMLS# 14040) |
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All Reverse Mortgage's editing process includes rigorous fact-checking led by industry experts to ensure all content is accurate and current. This article has been reviewed, edited, and fact-checked by Cliff Auerswald, President and co-creator of ARLO™. (License: NMLS# 14041) |
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Michael G. Branson, CEO of All Reverse Mortgage, Inc., and moderator of ARLO™, has 45 years of experience in the mortgage banking industry. He has devoted the past 20 years to reverse mortgages exclusively. (License: NMLS# 14040) |
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All Reverse Mortgage's editing process includes rigorous fact-checking led by industry experts to ensure all content is accurate and current. This article has been reviewed, edited, and fact-checked by Cliff Auerswald, President and co-creator of ARLO™. (License: NMLS# 14041) |
Michael G. Branson
Cliff Auerswald
Reverse Mortgages in Illinois: A Comprehensive Guide
If you’re an Illinois homeowner aged 62 or older, a reverse mortgage could be a valuable tool to help you unlock the equity in your home and improve your financial security during retirement. In this guide, we’ll cover everything you need to know about reverse mortgages in Illinois, including key facts, the latest statistics, top lenders, and essential protections.
Top 20 Reverse Mortgage Lenders in Illinois
| Lender | Rating | Years in Business | Stars (0-5) | Good Review % | Complaints | Source |
|---|---|---|---|---|---|---|
| All Reverse Mortgage, Inc. (ARLO) | A+ | 20 | 4.99/5 | 99.8% | 0 | Source |
| Advisors Mortgage Group | A+ | 25 | 1.00/5 | 20.0% | 6 | Source |
| Atlantic Avenue Mortgage LLC | B+ | 2 | 4.94/5 | 98.8% | 2 | Source |
| American Pacific Mortgage | F | 28 | 2.00/5 | 40.0% | 13 | Source |
| Ennkar Inc. | A+ | 14 | 4.00/5 | 80.0% | 2 | Source |
| Fairway Independent Mortgage | A+ | 28 | 4.39/5 | 87.8% | 33 | Source |
| Finance of America Reverse LLC (FAR) | A+ | 21 | 1.00/5 | 20.0% | 35 | Source |
| GoodLife Home Loans | A+ | 12 | 5.0/5 | 88.6% | 0 | Source |
| Guild Mortgage Company (Formerly Cherry Creek LLC) | A+ | 64 | 1.36/5 | 27.2% | 34 | Source |
| HighTechLending Inc | A+ | 18 | 4.93/5 | 98.6% | 1 | Source |
| Liberty Home Equity Solutions Inc. | A+ | 21 | 1.00/5 | 20.0% | 2 | Source |
| Longbridge Financial LLC | A+ | 12 | 3.69/5 | 73.8% | 21 | Source |
| Mid America Mortgage Inc. | A+ | 66 | NA | NA | NA | Source |
| Moneyhouse | NR | 27 | NA | NA | 0 | Source |
| Movement Mortgage, LLC | A+ | 17 | 4.81/5 | 96.2% | 107 | Source |
| Mutual of Omaha Mortgage | A+ | 11 | 3.33/5 | 66.6% | 44 | Source |
| Open Mortgage LLC | A+ | 22 | 2.60/5 | 52.0% | 1 | Source |
| Plaza Home Mortgage Inc | A+ | 24 | 2.47/5 | 49.4% | 13 | Source |
| Smartfi Home Loans | A+ | 5 | NA | NA | 0 | Source |
| South River Mortgage, LLC | A+ | 5 | 3.22/5 | 634.4% | 13 | Source |
| Top 10 Reverse Mortgage Cities in Illinois |
|---|
| 1 Chicago |
| 2 Arlington Heights |
| 3 Westmont |
| 4 La Grange |
| 5 Romeoville |
| 6 Evanston |
| 7 Northbrook |
| 8 Worth |
| 9 Burbank |
| 10 Huntley |
| Data by MCA (January 2025) |
Latest Illinois Reverse Mortgage Statistics
| State | Homeowners Age 62+ | Reverse Mortgages Closed Last 12 Months | Lenders in Illinois | Avg. Home Value |
|---|---|---|---|---|
| Illinois | 931,000 | 394 | 87 | $264,399 |
Loan Type: HECM Standard Loans Originated in Illinois
Performance Period: Loans endorsed between January 1, 2024, and December 31, 2024
Note: Includes all HECM Standard cases within the specified endorsement period.
Illinois Lending Limits
Illinois is home to nearly 12.7 million people, with 931,000 of them being homeowners aged 62 and older. The median home value in Illinois is $264,399, well below the federal reverse mortgage lending limit of $1,209,750. This means many Illinois homeowners can fully leverage their home’s equity under the HECM program, while those with higher-valued homes can explore jumbo reverse mortgage options.
A Glimpse Into Illinois History
Illinois has a long and rich history, from its exploration by the French in 1673 to becoming the 21st state in 1818. Chicago, incorporated in 1837, quickly became a major economic hub thanks to its strategic location on Lake Michigan.
The state is famously associated with Abraham Lincoln, who called Illinois home for over 30 years before becoming the 16th President of the United States. Visitors to Springfield can explore Lincoln’s home, the Abraham Lincoln Presidential Library and Museum, and his final resting place.
Illinois has also been the birthplace of Ronald Reagan and the political base of Barack Obama. The state’s diverse climate and economy make it a unique place to live, from the bustling city of Chicago to the fertile agricultural lands that produce corn and soybeans.
Home Prices and Reverse Mortgages in Illinois
Home prices in Illinois are expected to decline by over 2% in the next year. Despite this, many homes still fall within the federal reverse mortgage lending limit, making HECM a suitable option for most homeowners. For those with homes valued above the federal limit, jumbo reverse mortgage programs offer additional flexibility and borrowing power.
If you reside in Illinois, we are here to help answer your questions and guide you through your reverse mortgage options.
Other Areas of Interest in Illinois
Barrington Carol Stream Chicago Downers Grove Huntley
Illinois Approved Reverse Mortgage Counseling Agencies
| Name | Agency ID | Address | Phone | Web Site |
|---|---|---|---|---|
| CONSUMER CREDIT COUNSELING SERVICES OF NORTHERN ILLINOIS | 80934 | SUITE B 13707 W JACKSON ST WOODSTOCK, IL 60098-3188 | (815) 338-5757 | https://www.illinoiscccs.org |
| HOUSING OPPORTUNITY DEVELOPMENT CORPORATION | 81510 | 5340 LINCOLN AVE SKOKIE, IL 60077-2015 | (847) 564-2900 | https://hodc.org/ |
| RESTORATION AMERICA, INC. | 84834 | 86 N WILLIAMS ST CRYSTAL LAKE, IL 60014-4444 | (847) 783-0232 | http://www.restorationamerica.org |
| YWCA METROPOLITAN CHICAGO | 90614 | SUITE 525 56 E 47TH ST CHICAGO, IL 60653-3818 | (312) 328-0873 | https://www.ywcachicago.org |
Did you know? Illinois does not mandate in-person counseling. Visit our counseling page for a list of phone-based counseling agencies, and you can conduct your required counseling from the comfort of your home.
Additional Resources:
Reversemortgage.org NRMLA Members in Illinois
HUD.GOV Approved Lenders Search
