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.
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.
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 agegroup 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.
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.
Z Reverse Mortgage