Compare Illinois Best Reverse Mortgages
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Illinois Reverse Mortgage Lenders
|Lender Name||Years in Business||Rating||Stars (0-5.0)||Positive Reviews||Complaints||BBB Reviews|
|All Reverse Mortgage, Inc. (ARLO)||15||A+||4.9||99%||1||Source|
|American Advisors Group (AAG)||14||A-||4.1||82%||53||Source|
|Longbridge Financial, LLC||6||A+||3.5||70%||2||Source|
|Reverse Mortgage Funding LLC||6||A+||3.0||50%||8||Source|
|One Reverse Mortgage, LLC (QUICKEN)
|Liberty Home Equity Solutions, Inc. (OCWEN)||15||A+||2.1||42%||2||Source|
|Retirement Funding Solutions (RFS)||9||A+||(N/A)||(N/A)||1||Source|
|Fairway Independent Mortgage||23||A+||2.1||42%||21||Source|
|HighTech Lending Inc.||13||A-||2.0||60%||2||Source|
|Finance of America Reverse LLC (FAR)||15||A+||1.0||20%||2||Source|
All Reverse Mortgage® is proud to be Illinois #1 Rated Reverse Mortgage Lender celebrating 16 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.
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 (April 2020)
|State||Homeowners Age 62+||Reverse Mortgages Closed Last 12 Months||Purchase Reverse Mortgages Closed Last 12 Months||Lenders in Illinois||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 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 $204,839, which is much lower than the HECM reverse mortgage lending limit of $822,375.
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 $822,375 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® is here to answer your questions.
Other Areas of Interest in Illinois
Illinois Approved Reverse Mortgage Counseling Agencies
|Agency Name||Phone||Address||Website||Agency ID||Languages|
|AGORA COMMUNITY SERVICES CORPORATION, NF||773-483-3888||1831 E 79th St|
Chicago, Illinois 60649-4634
|MONEY MANAGEMENT INTERNATIONAL - CHICAGO DOWNTOWN||866-232-9080||401 N Michigan Ave Ste 1273|
Chicago, Illinois 60611-4255
|NEIGHBORHOOD HOUSING SERVICES OF CHICAGO||773-329-4010||1279 N Milwaukee Ave|
Chicago, Illinois 60622-9360
|SMART MONEY HOUSING AKA SMART WOMEN SMART MONEY||773-533-0243||3510 W Franklin Blvd|
Chicago, Illinois 60624-1316
|RESTORATION AMERICA, INC.||847-783-0232||86 N Williams St|
Crystal Lake, Illinois 60014-4444
|OAK PARK REGIONAL HOUSING CENTER AKA WEST COOK HOMEOWNERSHIP CENTER||708-771-5801||7740 W. Madison|
Forest Park, Illinois 60130
|WILL COUNTY CENTER FOR COMMUNITY CONCERNS||815-722-0722||2455 Glenwood Ave|
Joliet, Illinois 60435-5464
|GREENPATH FINANCIAL WELLNESS||888-860-4167||5306 Avenue Of The Cities|
Moline, Illinois 61265-5069
|MORTGAGE EDUCATION FOUNDATION||708-761-6264||7808 W. College Dr. LL Suite 6|
PALOS HEIGHTS, Illinois 60463-1027
|HOUSING OPPORTUNITY DEVELOPMENT CORPORATION||847-564-2900||2001A Waukegan Rd|
Techny, Illinois 60082-1000
|DUPAGE HOMEOWNERSHIP CENTER, INC. DBA H.O.M.E. DUPAGE, INC.||630-260-2500||1600 E Roosevelt Rd|
Wheaton, Illinois 60187-6808
|CONSUMER CREDIT COUNSELING SERVICES OF NORTHERN ILLINOIS||815-338-5757||400 Russel Ct|
Woodstock, Illinois 60098-2640
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.
Our Exclusive Programs Designed to Fit Your Needs.
All Reverse Mortgage© has consistently brought exclusive offers to our valued Illinois homeowners. Because of our unique process we're able to offer a better federally-insured reverse mortgage with no compromise.
Take a look at some of our competitive rates that you won't find elsewhere:
|Exclusive 3.06% (4.06% APR) Fixed Rate for Life|
|Government Insured & Jumbo Proprietary Programs|
|Flexible Credit Lines from 2.23% with the Industries Lowest Lifetime Rate Exposure|
|ZERO Origination Fee Plans|
|ZERO Financed Closing Cost Plans|
|ZERO Monthly Servicing Fees on ALL programs|
How can we offer you more favorable terms?We are a direct lender approved by FHA (Federal Housing Administration) The HECM is literally all we do. All Reverse Mortgage is not just a name for us. We have a very low (almost non-existent) staff turnover and our people are experts. We don't work with Brokers, allowing us to pass the savings on to you. We don't hire "celebrity" spokespersons as we don't believe you should have to pay for a lender's expensive marketing budget with higher loan costs. We Charge Less! Check out our competition and our customer ratings. We never forget that this loan is about you and your needs and we put you first with superior service and lower costs.
All Reverse vs. the others
HUD approved direct lender.
Working with a local Illinois lender saves you time and money.
As an award-winning direct lender our goal remains simple; to offer you the very best terms accompanied by extraordinary customer service.
What Our Customers Are Saying
|"There was no car salesman type of protracted negotiation. All reverse got right down to a good quote without a series of incremental steps."|
|"I was surprised how easy it was to deal with an out of state company. Actually it was much easier than my previous dealings with local banks and brokers"|
|"It is a wonderful feeling to have no mortgage and extra cash in our pocket. We are very happy."|
|"Thank you to All Reverse for handling everything in an efficient and smooth way. Thoroughly appreciate everything you have done to make things easy for me."|
|"This was the smoothest mortgage process I have ever experienced! And so fast!"|