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 »
Posts Categorized: Reverse Mortgage
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 »
Why Should You Consider a Reverse Home Loan?
Reverse Home Loan: Things to Consider You tried to keep money throughout your lifetime for your “golden years.” But with college tuition, weddings and the ever increasing property taxes, it had been rare to have much money left over to place into savings. So you are trying to get by on a security check… Read more »
Most Common Uses of a Reverse Mortgage
Common Uses of Reverse Home Mortgages Reverse mortgages in Illinois are becoming a very popular option for senior citizens. They’re so common because they provide home owners the freedom to use the savings of the loan for what they choose and the homeowner has control on how best to use the savings of the loan… Read more »
How to Build a Better Reverse Mortgage Financial Assessment
Reverse Mortgage Financial Assessment HUD announced that effective with all new case numbers issued on March 2, 2015, all borrowers would be subject to the New Reverse Mortgage Financial Assessment as outlined in the Mortgagee Letters. The changes to the program are sweeping and as of the writing of this announcement, we have not even had… Read more »
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