Attending required counseling is crucial for seniors seeking a reverse mortgage. It provides unbiased information and helps them make informed financial decisions. With counseling, seniors can explore alternative options and determine whether a reverse mortgage is right for their unique situation. By attending counseling, seniors can avoid scams or predatory lending practices and ensure they… Read more »
In the recent times reverse mortgages are becoming a more preferred option for supplementary income among senior citizens. According to a statement issued by Peter Bell who is the president of NRMLA or the National Reverse Mortgage Lenders Association, around 911,314 reverse mortgages have been taken since the programs inception and this number is expected… 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 »
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 »
Reverse Mortgages may not be for all, but this is an excellent choice for many. Is it a good choice for you? We will share reverse mortgage details in Illinois here to help decide. What’s a Reverse Mortgage? What’s a Reverse Mortgage? A Reverse Mortgage is a special, federally insured program designed especially for… Read more »
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