Reverse Mortgage in Illinois
Every person living in Illinois must be proud of the fact that three of U.S. presidents have been elected while living in Illinois; namely, Abraham Lincoln, Ulysses S. Grant, and Barrack Obama. Besides this, Ronald Reagan was the only U.S. president born and raised in Illinois though his political career was based in California. But when one is retired and aged above 60 living in a state like Illinois can be a challenge as it is a very expensive state to live in. However, we have a solution to this problem and now you can continue living in Illinois by opting in for a reverse mortgage in Illinois.
Though reverse mortgages have been in existence since 1987, people have been really skeptical about them, as lenders did not disclose many details and even kept the borrowers in dark about many conditions. However, to do away with these ills and make reverse mortgage in Illinois more borrower friendly, the Reverse Mortgage Act came into force on January 1, 2016. This is a very useful act as it includes several provisions that require lenders to provide certain reverse mortgage disclosures to prospective borrowers.
According to the provision of this new act the educational documents which will have information regarding reverse mortgages and inform any independent consumer regarding potential alternatives to these loans and the availability of independent counseling services.
Also this document will include a statement which includes terms how a reverse mortgage may adversely affect the loan applicant’s eligibility to obtain a tax deferral under the state’s Senior Citizen Real Estate Tax Deferral Program. So, with this new act in force you can put all your worries to rest and apply for a reverse mortgage in Illinois.