Reverse mortgages are becoming increasingly popular among retirees and seniors as a way to access equity in their homes. However, before deciding to take out a reverse mortgage, it’s important to understand how the process works and what to expect from your lender. In this blog, we’ll take a closer look at how reverse mortgage… Read more »
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 »
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 »
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 »
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