Quality Reverse Mortgages in Lake County, IL
The team here at C&R Mortgage Corporation is committed to providing clients in Lake County, IL with the highest quality financial services combined with the lowest rates available in your area. The outstanding mortgage professionals here will work with you one on one to ensure that you get a financial solution that is tailored specifically to meet your financing needs. Whether you are purchasing your dream home, refinancing an outstanding loan, or consolidating debt, the highly experienced team of loan officers here can help you find the right loan program at the lowest rate no matter what your needs are.
Reverse Mortgages Made Easy in Lake County, IL
C&R Mortgage Corporation - we provide quality reverse mortgages to people over the age of 62. We are dedicated to providing excellence at every step in the process. No one in the business has a better reputation, and if you give us the chance, we’ll show you why!
What's a Reverse Mortgage?
A Reverse mortgage is a loan available to seniors over the age of 62 which allows them to convert the equity in their home into cash. A reverse mortgage can also be used to purchase a home. Unlike a forward mortgage—the type used to buy a home—a reverse mortgage doesn’t require the homeowner to make any loan payments. Instead, in a reverse mortgage, the entire loan balance becomes due and payable when the borrower dies, moves away permanently or sells the home. If you are in the Lake County, IL area, C&R Mortgage Corporation can provide you with a reverse mortgage with great rates and in a process that is easy and stress free!
About C&R
The C&R Mortgage Corporation Team is your premier reverse mortgage team located in Cape Coral, Florida. Also, licensed in Illinois, Indiana, Wisconsin, Michigan, Colorado, California and Tennessee. The experienced team members here are committed to quality customer service and putting the needs of the people it serves first. C&R Mortgage Corporation will always adhere to the highest degree of integrity in all business dealings.
Here to Help in Lake County, IL
When it comes to Reverse Mortgages, education is the key. That’s why C&R Mortgage Corporation is here for you to help educate you, so you are able to make an informed decision. Plus, C&R Mortgage Corporation always encourages prospective clients to invite family members to be a part of the discussion during the education process. With our expertise and knowledge, we will help you develop an informed decision and we will take the time to help you learn the process until you are comfortable.
Reverse for Purchase (HECM Loans)
The Home Equity Conversion Mortgage (HECM) for Purchase allows seniors at least 62 years of age to purchase a home through a reverse mortgage. This can be a valuable option for seniors who need a new home that better meets their physical needs, or who wish to move closer to family members. Since this is a reverse mortgage product, monthly payments are not made on the new house.
Unlike the traditional reverse mortgage, HECM for purchase loans require a down payment, which you must pay with your own cash. Typically the down payment required is based on the borrower’s age. The older the borrower is, the lower the down payment requirement will be. HECM for purchases are subject to the same guidelines as a standard HECM loan.
Example Scenarios
John Bosworth (68)
- Home Value – $250,000
- Home Equity – $210,000
- Approximate Mortgage Balance – $40,000
The Challenge:
John is a widower who lives at home alone. He would like to keep his home, but is having trouble making payments and meeting expenses. His monthly mortgage payment is $611. Even with both Social Security income and pension, he is still short by $187 per month…
The Solution:
John takes out a Reverse Mortgage for $142,496. He takes a lump sum of $40,000 and applies it to his existing mortgage and the balance in monthly payments of $681. After paying the mortgage off entirely, John’s monthly income rises to $1,291. That’s $611 per month for the mortgage payment, plus another $681 from the Reverse Mortgage.
Craig (82) and Sylvia (79) Jenkins
- Home Value – $375,000
- Home Equity – $375,000
The Challenge:
Craig and Sylvia both take medication to stay in good health. The cost of monthly meds and treatments makes it difficult for them to find the money needed to maintain the quality of life they once enjoyed.
The Solution:
They take out a reverse mortgage with the option of one lump sum totaling $218,419, or a monthly income of $1,495. The extra cash flow from their Reverse Mortgage more than covers their monthly cost for medication, and allows Craig and Sylvia more freedom with much less stress.
FAQS
Here are answers to some common questions.
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