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 which a borrower is not required to close on or proceed with a loan.

2. 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 Illinois General
Assembly.

3. Accordingly, before signing a reverse mortgage
agreement or any type of real estate or mortgage
contracts in Illinois homeowners should have these
contracts reviewed by an Illinois real estate attorney. This
attorney in turn will ensure that the contract is fair and
complies with all applicable laws, including the Illinois
Reverse Mortgage Act.

4. 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 years who after
retirement require a steady source
of income. There is a possible
solution to this need and that is
called an Illinois Reverse Mortgage.

5. 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 based in California.

6. Z Reverse Mortgage