Illinois Reverse Mortgage Lenders
*Source: BBB Lender Ratings as of 12-23-2018
|Lender Name||Company Start Date ||Lender Rating ||Review Stars (0-5.0)||% of Positive Reviews||# of Complaints Last 3 Yrs.||BBB Reviews
|All Reverse Mortgage, Inc. of Illinois||05/27/2004||A+||5.0||100%||2||Review Source
|American Advisors Group (AAG)||10/29/2004||A- ||4.1||82%||41||Review Source
|Reverse Mortgage Funding LLC||09/25/2012||A+ ||3.2||64%||3||Review Source
|Live Well Financial, Inc.||08/28/2008 ||A+||2.1||17%||9||Review Source
|One Reverse Mortgage, LLC||07/12/2001||A+ ||3.2||60%||5||Review Source
|Liberty Home Equity Solutions, Inc.||09/05/2003||A+ ||2.7||40%||5||Review Source
|HighTechLending Inc||06/06/2006||C+ ||2.3||0%||2||Review Source
|Reverse Mortgage Solutions, Inc.||02/21/2007||F ||1.05||1%||86||Review Source
|Synergy One Lending, Inc. (Retirement Funding Solutions)||01/09/2013 ||A+||N/A||N/A||1||Review Source
|Finance of America Reverse LLC||10/15/2003||A+ ||N/A||N/A||3||Review Source
All Reverse Mortgage® is proud to be Illinois's #1 Rated Reverse Mortgage Lender by the BBB with a Perfect 5.0 Stars and A+ Exemplary Rating. We currently lend in 16 states including all of Illinois
All Reverse Mortgage was incorporated November 2004 and as the name implies, the only loan product that All Reverse Mortgage® originates is in fact, the reverse mortgage.
We’re committed to be your lender because you deserve the best rate at the lowest price possible.
We’re a HUD Approved direct lender lending the national HECM programs and offer a suit of Non-FHA & Jumbo Reverse Mortgage to better suit homeowners in IL with higher value homes over the national 2019 lending limit of $726,525.
We welcome you to compare our reviews and our lower rates and closing costs to any other major lender! The difference is clear, and we can’t wait to show you.
Illinois Reverse Mortgage Facts
|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®
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 lower Principal Limits as they
relate to home values, though, so not all borrowers are best served with the jumbo programs available.
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 for the future as well.
Illinois Lending Limits
Illinois is the sixth-most populous state in the Union and it is the 25th-largest in terms of land area. Overall, nearly 13 million people live in Illinois, though a
large percentage of of those residents reside in Chicago and the areas surrounding the city. About 2.2 million of those residents are homeowners 62
years and older.
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 1860, Abraham Lincoln, the former U.S. Representative from Illinois’s 7th district, won the presidency. In a few short years, Illinois played a vital role
Civil War as the state ranked fourth in men who served in the Union army. Two presidents have since come from Illinois: Ronald Reagan, born in Tampico
and Barack Obama, the state’s former senator.
The climate in Illinois varies because the state’s 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.
The average home value in the state is $169,400, and prices are expected to rise an additional 1.8% in the next year. Given this average, many
homes fall below the federal maximum reverse mortgage lending limit of $726,525 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. Call Toll Free (800) 565-1722 – Or try ARLO™ our revolutionary reverse mortgage calculator that offers side-by-side program comparisons, real-time interest rates and expert recommendations.
Other Areas of Interest in Illinois