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

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ARLO

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In your current area 100 homeowners are currently utilizing reverse mortgages to better enhance their retirement years, with 500,000 nationwide!

The amount you receive is based on your home’s value, your age, and current interest rates. Let’s start with your address so I can estimate your home value…
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Great! It looks like your home value estimate is about

If you feel this estimate is not correct you can manually change it below. If you have an existing mortgage balance, I'll need to know the amount we are going to pay off to get rid of that mortgage payment!

Please provide your estimated home value

If you presently have an existing mortgage balance, I'll need to know the amount we are going to pay off to get rid of that mortgage payment!
(Our calculations use estimated property values provided by Estated.com. An independent HUD-approved appraiser must complete an appraisal to finalize your loan)
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The minimum qualifying age for a reverse mortgage is 55

Don’t forget to include your spouse’s age, even if they are not yet 55, as loan proceeds are always based on the age of the youngest spouse.
Your Age
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Your personalized results include the best of 2024's reverse mortgages
  • Side-by-side loan comparisons
  • Real-time interest rates
  • ARLO™ advice to help you select the right program
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2021 BBB Torch Award Finalist
Best Reverse Mortgage Lender
Best Reverse Mortgage Website
Best Reverse Mortgage Website

Top 20 Reverse Mortgage Lenders in Illinois

LenderRatingYears in BusinessStars (0-5)Good Review %ComplaintsBBB Review
All Reverse Mortgage, Inc. (ARLO)A+204.99/599.8%0Source
Advisors Mortgage GroupA+252.00/540.0%5Source
American Advisors Group (AAG)A194.69/593.8%56Source
American Pacific MortgageF281.75/535.0%13Source
Ennkar Inc.A+144.00/580.0%3Source
Fairway Independent MortgageA+284.41/588.2%37Source
Finance of America Reverse LLC (FAR)A+211.00/520.0%22Source
GoodLife Home LoansA+124.43/588.6%0Source
Guild Mortgage Company (Formerly Cherry Creek LLC)A+641.36/527.2%39Source
HighTechLending IncA+184.93/598.6%0Source
Liberty Home Equity Solutions Inc.A+211.00/520.0%3Source
Longbridge Financial LLCA+123.94/578.8%18Source
Mid America Mortgage Inc.A+653.00/560.0%0Source
MoneyhouseNR27NANA0Source
Movement Mortgage, LLCA+174.80/595.6%109Source
Mutual of Omaha MortgageA+114.61/592.2%45Source
Open Mortgage LLCA+212.60/552.0%1Source
Plaza Home Mortgage IncA+232.38/547.6%17Source
Smartfi Home LoansA+5NANA0Source
South River Mortgage, LLCA+52.62/552.4%15Source
This chart compares the top 20 reverse mortgage lenders in the U.S. based on national rankings, displaying key metrics such as their BBB (Better Business Bureau) rating, years in business, average star rating, percentage of positive reviews, number of complaints, and sources of reviews. Top 20 HECM lenders reported by https://www.rminsight.net/wp-content/uploads/2024/06/Lenders_202405.pdf. (Reviews Updated: October 22, 2024).

All Reverse Mortgage (ARLO™) is proud to be Illinois’s #1 Rated Reverse Mortgage Lender, celebrating 20 years of service and excellence. We’re honored to be the only company in Illinois with an A+ Rating from the Better Business Bureau (BBB) and perfect 5-star reviews from our clients.

Since 2004, our mission has been clear: to provide the best possible terms with friendly, unbeatable customer service.

As a HUD-approved lender, we offer a full range of reverse mortgage options, including HECM & Jumbo Reverse Mortgages, tailored to meet your needs.

When you compare our competitive rates and lower costs, you’ll see how much more you can receive from your home’s equity.

The difference is clear, and we’re excited to help you unlock the potential of your home. Give us a call today—we’re here to guide you every step of the way!

Illinois Reverse Mortgage Facts

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 2024)
StateHomeowners Age 62+Reverse Mortgages Closed Last 12 MonthsPurchase Reverse Mortgages Closed Last 12 MonthsLenders in IllinoisAvg. Home Value
Illinois828,78739443587$255,659

HUD Approved Direct Lender

illinois reverse mortgage lenders map

About All Reverse Mortgage of Illinois

The owners and management of All Reverse were part of the team that introduced the first fixed-rate jumbo reverse mortgage in 2008. With this extensive experience, we continue to offer a range of reverse mortgage options, including jumbo or proprietary loan programs for homeowners in higher-valued markets where the HUD HECM may not fully meet their needs.

Choosing the right reverse mortgage is an important decision. Our seasoned originators are here to guide you, helping you compare the pros and cons of each program, so you can make an informed choice that fits your situation.

For homeowners aged 62 and older, reverse mortgages have become a valuable financial tool. They help eliminate monthly mortgage payments, establish growing lines of credit, and provide more security for the future.

Illinois Lending Limits

Illinois is home to nearly 12.7 million people, with 828,787 of them being homeowners aged 62 and older. The median home value in Illinois is $253,800, well below the federal reverse mortgage lending limit of $1,149,825. 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

NameAgency IDAddressPhoneWeb Site
CONSUMER CREDIT COUNSELING SERVICES OF NORTHERN ILLINOIS80934SUITE B
13707 W JACKSON ST
WOODSTOCK, IL 60098-3188
(815) 338-5757https://www.illinoiscccs.org
HOUSING OPPORTUNITY DEVELOPMENT CORPORATION815105340 LINCOLN AVE
SKOKIE, IL 60077-2015
(847) 564-2900https://hodc.org/
RESTORATION AMERICA, INC.8483486 N WILLIAMS ST
CRYSTAL LAKE, IL 60014-4444
(847) 783-0232http://www.restorationamerica.org
YWCA METROPOLITAN CHICAGO90614SUITE 525
56 E 47TH ST
CHICAGO, IL 60653-3818
(312) 328-0873https://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

Author Michael Branson
About the Author, Michael G. Branson | Mike@allreverse.com
Michael G. Branson CEO, All Reverse Mortgage, Inc. and moderator of ARLO™ has 45 years of experience in the mortgage banking industry. He has devoted the past 19 years to reverse mortgages exclusively.
Illinois Reverse Mortgages
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