Downers Grove Reverse Mortgage Lenders
All Reverse Mortgage® is a reverse mortgage company that lends throughout the state of Illinois, including Downers Grove. All Reverse began in
November 2007 and as the name implies, the only loan product that All Reverse Mortgage® originates is the residential reverse mortgage loan
We offer reverse mortgages to Downers Grove homeowners and our staff has a combined lending experience exceeding 100 years
with national mortgage banking experience on both coasts and points between. Due to this varied direct experience, All Reverse
Mortgage® is well positioned to be able to assist borrowers with all specific needs associated with the reverse mortgage program.
Downers Grove Reverse Mortgage Facts
||Homeowners Age 62+
||Reverse Mortgages Closed Last 12 Months
||Purchase Reverse Mortgages Closed Last 12 Months
||Lenders in Downers Grove (est)
||Avg. Home Value
HUD Approved Direct Lender
All Reverse Mortgage® is approved with the Department of Housing and Urban Development (HUD) to originate,
underwrite and close the HUD Home Equity Conversion Mortgage (HECM, or "Heck-um"). The HECM is HUD's acronym for their reverse mortgage loan.
All Reverse Mortgage® originates in Downers Grove and offers several reverse mortgage options: in some instances borrowers are looking to pay off their
existing loan and eliminate their monthly mortgage payment; or if they already have paid off their mortgage, a reverse loan can help borrowers
utilize their equity for other purposes. In some cases, borrowers can do both. They also may use a specific type of reverse mortgage to purchase a
About All Reverse Mortgage®
The owners and management of All Reverse Mortgage® were part of the team that wrote and sold the first fixed-rate jumbo reverse
mortgage in 2008 and as such, have extensive experience in jumbo or proprietary loan programs as well. We are always looking for new products
to offer to borrowers of high valued homes in the higher home priced markets that the HUD HECM may just not serve well. Jumbo or proprietary
programs typically offer much lower Principal Limits as they relate to values, so not all borrowers are better served with the jumbo programs.
Only a seasoned originator can readily inform borrowers which program will best suit their needs and the positives and negatives of each
so that the borrower can make an informed decision. It is no longer uncommon anywhere in the country for a market to be a
solid HUD HECM market and then within just a short distance for a niche jumbo market to be located where there is a need for a jumbo program.
Therefore, homeowners aged 62 and above in all markets have seen that the reverse mortgage can be a very solid financial tool and many are now
seeking the reverse mortgage to augment their retirement plans and not so much as a mortgage of last resort. Everything from the elimination of the
existing mortgage payments to the line of credit that grows that grows make reverse mortgage borrowers understand that this program allows them to utilize their
homes to not only live comfortably in their family home, but to plan for the future as well.
Downers Grove Lending Limits
Downers Grove, Illinois, is a village in DuPage County about 30 miles from the heart of downtown Chicago. Founded in 1832 by Pierce Downer, the village’s
population stands at 49,600. About 20 percent of residents are senior homeowners 62 years or older.
While a reasonable commute from Chicago, Downers Grove also holds its own when it comes to amenities. The village organizes an annual calendar of
events, ranging from Founders Day to its Downtown Sidewalk Sale. Another popular event is the Downers Grove Tree Lighting Ceremony, which
marks the start of the December holidays.
Like many suburbs, towns and villages surrounding Cook County, a large number of Downers Grove residents commute into Chicago for
work. Even so, the village economy is composed of health care, professional services, retail trade and finance.
The median home value in Downers Grove is $325,900 which is an increase of 3.5 percent in the last 12 months. Over the next year,
home prices are projected to increase 1.7 percent. While some of the homes in Downers Grove are valued below the federal maximum
reverse mortgage lending limit of $726,525 that applies to government-insured HECM loans, other homes may exceed the maximum reverse
mortgage lending limit. However, senior homeowners can still look to jumbo loan programs to tap into their home’s equity for higher valued homes.
If you reside in Downers Grove or are planning to move there, All Reverse Mortgage is here to answer your questions.
Access our online reverse mortgage calculator to
estimate your reverse mortgage loan amount or call us Toll Free (800) 565-1722.