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… Read more »
Monthly Archives: January 2016
How Does the Reverse Mortgage Act Affect Reverse Mortgage Companies in Illinois ?
Reverse Mortgage Companies in Illinois Reverse mortgage companies in Illinois will soon be required to abide by the new laws governing Home Equity Conversion Mortgages (HECMs) of the state, beginning January 1, 2016. In August 2015, Governor of Illinois, Bruce Rauner had signed into law the Reverse Mortgage Act, after it was passed in the… Read more »
Enforcement of Illinois Reverse Mortgage Act
Illinois Reverse Mortgage Act Last year in August Governor of Illinois, Bruce Rauner (Republican) signed into law Senate Bill 1440 which is known as the Reverse Mortgage Act. This bill came into effect on January 1, 2016 and according to this new Illinois reverse mortgage Act there will be a “three-day cooling off period” during… Read more »
Why Reverse Mortgages in Illinois Might Be the Best Thing for You
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… Read more »