Reverse Mortgages in Illinois
As we all know Illinois lies in the Midwest part of the United States and in terms of population, it is in the fifth spot while twenty-fifth in terms of land area. What is even more significant is that this state has around 15% of people in the age-group above 65 years who after retirement require a steady source of income. There is a possible solution to this need and that is called an Illinois Reverse Mortgage.
Contrary to popular belief, reverse mortgages in Illinois are safe and insured. It has been in existence since 1987 and a bill to protect borrowers was finally signed on Jan 1, 2016 which became more effective and even more secure. Reverse mortgages allow homeowners who are over the age of 62 the ability to have more disposable income and as for living in one of the most expensive states in the country this has been a tremendous help.
However, thanks to reverse mortgages in Illinois one does not have to worry about having to lose their home. Also one will not lose title to their home or have to be concerned about making those bothersome monthly mortgage payments, as long one is staying in the home and calling it their primary residence.
Once a person moves to Illinois they typically don’t leave as there are a lot of employment opportunities. In fact this US state has a varied economic base and is a major transportation hub. It also has small industrial cities and great agricultural productivity in central and northern Illinois along with natural resources like coal, timber, and petroleum in the south. Besides different income avenues this state is also very picturesque and beautiful having good connectivity through the sea thanks to Port of Chicago that connects the state to other global ports from the Great Lakes, via the Saint Lawrence Seaway, to the Atlantic Ocean, as well as the Great Lakes to the Mississippi River, via the Illinois River. Even the O’Hare International Airport is ranked among busiest airports of the world. So with reverse mortgages in Illinois one can continue living in this state that has had a long a reputation as a bellwether both in social, cultural terms and politics.