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Compare Illinois's Best Reverse Mortgages!
Compare Illinois's Best Reverse Mortgages!
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Illinois's #1 Reverse Mortgage

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ARLO

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The minimum age for most reverse mortgages is 55

Don’t forget to include your spouse’s age, even if they are not yet 55, loan amounts are based on the youngest spouse.
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We maintain an A+ exemplary rating by the Better Business Bureau with a perfect 5-Star customer review.
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2021 BBB Torch Award Finalist
Best Reverse Mortgage Lender
Best Reverse Mortgage Website
Best Reverse Mortgage Website
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Top 10 Reverse Mortgage Lenders in Illinois

Lender Rating Years in Business Stars (0-5) Good Review % Complaints BBB
All Reverse Mortgage, Inc. (ARLO) A+ 19 4.9/5 99% 0 Source
Advisors Mortgage Group A+ 24 1.6/5 33% 4 Source
American Advisors Group (AAG) A 19 4.7/5 94% 82 Source
American Pacific Mortgage F 27 1.0/5 20% 15 Source
Ennkar Inc. A+ 13 3.6/5 73% 3 Source
Fairway Independent Mortgage A+ 27 4.9/5 98% 43 Source
Finance of America Reverse LLC (FAR) A+ 20 1.5/5 31% 18 Source
GoodLife Home Loans A+ 11 4.4/5 88% 1 Source
Guild Mortgage Company (Formerly Cherry Creek LLC) A+ 63 1.3/5 26% 52 Source
HighTechLending Inc NR 15 3.0/5 60% 1 Source
Liberty Home Equity Solutions Inc. A+ 20 1.00/5 20% 3 Source
Longbridge Financial LLC A+ 11 3.9/5 79% 15 Source
Mid America Mortgage Inc. NR 65 3.0/5 60% 0 Source
Moneyhouse A+ NA NA NA 0 Source
Movement Mortgage, LLC A+ 16 4.7/5 95% 110 Source
Mutual of Omaha Mortgage A+ 10 4.8/5 96% 60 Source
Open Mortgage LLC A+ 20 2.8/5 56% 1 Source
Plaza Home Mortgage Inc A+ 23 1.8/5 36% 27 Source
Smartfi Home Loans A+ 4 NA NA 0 Source
South River Mortgage, LLC A+ 4 2.3/5 46% 14 Source
Reviews Updated: 01/29/2024
The BBB is one of the last review sites that does not accept monetary influence in their ratings or posted reviews.
 

All Reverse Mortgage, Inc. (ARLO™) is proud to be Illinois's #1 Rated Reverse Mortgage Lender celebrating 19 Years of excellence. We are the only IL company awarded an A+ Rating by the BBB with perfect 5-Star Reviews.  

Since we started in 2004, our goal has remained simple: to offer the best terms with unbeatable customer service.

We are HUD Approved and offer a full suite of HECM & Jumbo Reverse Mortgages.

Compare our competitive rates and lower costs to any competitor and realize thousands more from your home’s equity!

The difference is clear, and we can’t wait to show you!

Illinois Reverse Mortgage Facts

Top 10 Reverse Mortgage Cities in Illinois by MCA (December 2022)

1
Chicago
2
Arlington Heights
3
Westmont
4
La Grange
5
Romeoville
6
Evanston
7
Northbrook
8
Worth
9
Burbank
10
Huntley
StateHomeowners Age 62+Reverse Mortgages Closed Last 12 MonthsPurchase Reverse Mortgages Closed Last 12 MonthsLenders in IllinoisAvg. Home Value
Illinois828,787 39443587 $255,659

Data shown includes all cases with beginning endorsement date between January 01, 2023 and December 31, 2023

HUD Approved Direct Lender

illinois reverse mortgage lenders map

All Reverse Mortgage, Inc. (ARLO™) 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, Inc. (ARLO™) originates in Illinois and closes both refinance loans, where borrowers already own their home and are looking to either pay off their existing loan and have no more monthly mortgage payment, utilize their equity for other purposes if they have no existing loan, or possibly a combination of both.

About All Reverse Mortgage® of Illinois

The owners and management of All Reverse 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 as well. Jumbo or proprietary programs typically offer much lower Principal Limits as they relate to values though 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 the mortgage of last resort.

Everything from the elimination of existing mortgage payments to the line of credit 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 as well.

Illinois Lending Limits

The Prairie state has a population of 12,741,080 and 828,787 of those people are homeowners age 62 and older, which means nearly one million people may be eligible for a reverse mortgage.

The median home value in Illinois is $253,800, which is much lower than the HECM reverse mortgage lending limit of $1,149,825.

French explorers were the first to visit the territory of Illinois in 1673 and nearly 100 years later, the British Empire gained control of the area following the French and Indian War. Following the American Revolutionary War, the newly formed United States of America took possession of Illinois. In 1818, Illinois joined the Union as the 21st state.

The state’s largest city, Chicago, was incorporated in 1837. Due to its location alongside Lake Michigan, Chicago quickly became an economic hub. In terms of its ties to American history, Illinois is arguably most famous for being the primary home state of the 16th president, Abraham Lincoln, who resided within the state starting in 1830. Lincoln did not leave Illinois until 1861, after he was elected president and moved to Washington, D.C. to live in the White House. Lincoln is widely considered by historians to be the greatest American president, leading the nation through the extremely difficult and damaging period of the Civil War.

Shortly after the Union’s victory in the war, Lincoln was assassinated in April of 1865, causing a national period of mourning. Lincoln’s remains were returned to Springfield, and he was laid to rest in a specially-constructed tomb where his body remains to this day, near the majority of his family. Modern visitors to Springfield can also visit the home that he and his family resided in, still standing and maintained by the Illinois Parks Department, and can also visit the Abraham Lincoln Presidential Library and Museum.

Two additional presidents have since hailed from Illinois: Ronald Reagan was born in Tampico before moving to California to become an actor and later a politician, and Barack Obama moved to Illinois from Hawaii and became a state senator, one of Illinois’ U.S. senators, and announced his bid for the presidency in front of the Old State Capitol in Springfield.

The climate in Illinois varies because the state spans a wide section of north-south geography. Northern Illinois experiences all four seasons, with winter being particularly noticeable. Southern Illinois is warmer and doesn’t experience winters as strong.

The largest cities in Illinois are Chicago, Aurora, Joliet, Rockford and Naperville. The state’s economy is varied. Large companies like Boeing, United Airlines and McDonald’s are headquartered in the Chicagoland area. But outside of Chicago, the main economic out is the production of corn and soybeans.

Tourism in Illinois is robust. Every part of the state has something to offer to visitors, though Chicago is the dominant tourism destination.

Home prices are expected to fall more than 2% in the next year, likely due to the economic impacts of the COVID-19 pandemic in 2020. Given this average, many homes fall below the federal maximum reverse mortgage lending limit of $1,149,825 that applies to all HECM loans. For more borrowing power above the federal limit, there are jumbo reverse mortgage programs available.

If you reside in Illinois, All Reverse Mortgage, Inc. (ARLO™) is here to answer your questions.

Other Areas of Interest in Illinois

Illinois Approved Reverse Mortgage Counseling Agencies

Agency NamePhoneAddressWebsiteAgency IDLanguages
AGORA COMMUNITY SERVICES CORPORATION, NF773-483-38881831 E 79th St
Chicago, Illinois 60649-4634
www.agoraservices.org82542English
Spanish
MONEY MANAGEMENT INTERNATIONAL - CHICAGO DOWNTOWN866-232-9080401 N Michigan Ave Ste 1273
Chicago, Illinois 60611-4255
www.moneymanagement.org82603English
Spanish
NEIGHBORHOOD HOUSING SERVICES OF CHICAGO773-329-40101279 N Milwaukee Ave
Suite 400
Chicago, Illinois 60622-9360
https://www.nhschicago.org80871English
Spanish
SMART MONEY HOUSING AKA SMART WOMEN SMART MONEY773-533-02433510 W Franklin Blvd
Chicago, Illinois 60624-1316
www.smartmoneyhousing.org84399English
Spanish
RESTORATION AMERICA, INC.847-783-023286 N Williams St
Crystal Lake, Illinois 60014-4444
www.restorationamerica.org84834English
Spanish
OAK PARK REGIONAL HOUSING CENTER AKA WEST COOK HOMEOWNERSHIP CENTER708-771-58017740 W. Madison
Forest Park, Illinois 60130
www.westcookho
meownership.org
84516English
Spanish
WILL COUNTY CENTER FOR COMMUNITY CONCERNS815-722-07222455 Glenwood Ave
Joliet, Illinois 60435-5464
https://www.wcccc.net80129English
Spanish
GREENPATH FINANCIAL WELLNESS888-860-41675306 Avenue Of The Cities
Suite A
Moline, Illinois 61265-5069
www.greenpath.org83431English
Spanish
MORTGAGE EDUCATION FOUNDATION708-761-62647808 W. College Dr. LL Suite 6
PALOS HEIGHTS, Illinois 60463-1027
www.mortgageedu
cationfoundation.com
83512English
Spanish
HOUSING OPPORTUNITY DEVELOPMENT CORPORATION847-564-29002001A Waukegan Rd
Techny, Illinois 60082-1000
www.dhoc.org/81510English
Spanish
DUPAGE HOMEOWNERSHIP CENTER, INC. DBA H.O.M.E. DUPAGE, INC.630-260-25001600 E Roosevelt Rd
Wheaton, Illinois 60187-6808
www.dhoc.org/80523English
Spanish
CONSUMER CREDIT COUNSELING SERVICES OF NORTHERN ILLINOIS815-338-5757400 Russel Ct
Woodstock, Illinois 60098-2640
www.illinoiscccs.org80934English
Spanish

Did you know? Illinois state does not mandate in-person counsleing. Visit our counseling page for a list of phone-based counseling agencies and conduct your required counseling from the comfort of your home.

Additional Resources:
Reversemortgage.org NRMLA Members in Illinois
HUD.GOV Approved Lenders Search

Illinois Reverse Mortgages
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