What is a Reverse Mortgage?

A reverse mortgage is a home loan to help seniors increase their cash flow and live in comfort while keeping ownership of their homes. You can use the equity in your home to eliminate monthly mortgage payments.

Borrower Eligibility

All homeowners must be 62 years or older.
Have Substantial Equity in your home.
Home is your primary residence.
Income or credit quality are not considered.

You're One Step Away

Just fill out the form to the right to receive more information to determine if you qualify and what amount you could receive. Loans are government insured by the FHA. All borrowers attend a HUD approved counseling session to answer any questions.

Get Started Now! Fill Out Our Confidential Form

First Name

Last Name

Phone Number

Home Address

Zip Code

Email Address

Age of Youngest Homeowner

Home Value

Are you human? (Yes/No)

Loan Balanace

Articles

Chicago Reverse Mortgage

If you own your own home in Chicago and find a need for extra cash perhaps it’s time to learn another way that banks loan money. One of the wonderful things about this type of loan is that the owner of the home never has to pay it back. Or at least has a choice of never paying it back as long as they continue to live in the home until they die. Or in the case of selling the home.

Some people are looking for a Chicago reverse mortgage to avoid foreclosure in these very difficult times. The best news for anyone looking for this type of loan is that of the qualifications regarding income and health.

Issues of Health, Credit and Income for a Chicago Reverse Mortgage

No Health Exams – There is no need to worry about your health creating a program in getting that reverse mortgage loan in Sacramento. There is NO exam.

Next is the financial statements. There are none to be worried about because your financial status is not an issue here either. Isn’t that wonderful? This type of loan does not require you to be wealthy or in good financial status.

Today’s Banking Qualifications for a Chicago Reverse Mortgage

There are indeed requirements that must be met, no matter what town, state, or jungle you happen to dwell in. The main requirement of course is your age. You must be at least 62 years of age or older. In fact the older you are the more money you qualify for.

The best thing to do when you are looking for a reverse mortgage is to find an approved reverse mortgage counselor in the Chicago area. Most people find that a HUD approved or Financial Freedom counselor suits their needs, but it depends of the type of loan you aquire.

You’ll find several articles on this site that go into details on the types of loans that a reverse mortgage is approved for, but the end result is the same. You need to talk to an approved reverse mortgage counselor. Take a walk through your yellow pages to find one in your own city or look online. Just be sure to put both your city and your state in the search, like “Chicago reverse mortgage, CA” etc…