Illinois' #1 Reverse Mortgage*

Reverse Mortgages in Illinois: A Comprehensive Guide

If you’re an Illinois homeowner aged 62 or older, a reverse mortgage could be a valuable tool to help you unlock the equity in your home and improve your financial security during retirement. In this guide, we’ll cover everything you need to know about reverse mortgages in Illinois, including key facts, the latest statistics, top lenders, and essential protections.

Top 20 Reverse Mortgage Lenders in Illinois

How this data was derived: Reverse mortgage counts reflect FHA-insured HECM loans endorsed over a rolling 12-month period (Dec 2024–Nov 2025) using HUD HECM Snapshot data. Active lenders represent unique FHA sponsor numbers with at least one endorsed loan during this period. Estimated homeowners age 62+ are based on U.S. Census ACS 5-year owner-occupied households age 65+ as a conservative proxy. Home values are sourced from Zillow’s Home Value Index (latest available).

Illinois Lending Limits

Illinois is home to approximately 12.6 million people, and an estimated 2.3 million homeowners are age 62 and older. With an average home value of about $299,400, most Illinois homeowners fall well below the federal reverse mortgage lending limit of $1,249,125.

That means many homeowners can access the full benefits of a HUD-insured HECM reverse mortgage, while those with higher-value properties still have the option to explore jumbo reverse mortgage programs if needed.

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.

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.

Other Areas of Interest in Illinois

Barrington Carol Stream Chicago Downers Grove Huntley

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