Reverse mortgage in Illinois
From HUD's own loan records, we identify Illinois lenders, loan locations and counseling providers.
- In Illinois, 392 HECMs closed during a year
- Median home value counted by HUD: $320,000
- Mutual of Omaha Mortgage Most HECMs in Illinois (117), the highest lender count
Between September 2025 and August 2026, 1.6% of the 24,529 HECMs nationwide closed in Illinois. HUD's data ranks the state's 392 loans 23rd among the 50 states and DC.
Among them, 10 helped buyers purchase a home through a HECM for Purchase, 24 refinanced older HECMs and 1 reached the $1,249,125 value cap.
National figures compared with Illinois HECMs
The final two rows come from the calculator.
| Illinois | Against all HECMs | |
|---|---|---|
| HECMs closed | 392 | 1.6% of all 24,529 |
| Median home value counted | $320,000 | $120,000 less |
| Median principal limit | $151,282 | $42,890 less |
| Principal limit as a share of value | 44.1% | 0.7 points higher |
| Median expected rate | 6% | 0.125 points higher |
| HECM for Purchase | 2.6% | 3 points lower |
| Refinanced HECMs | 6.1% | 4.7 points lower |
| Lenders with a loan here | 22 | of 34 nationwide |
| Median home, no mortgage: left after costs at age 70 | $108,420 | $43,120 less |
| Usable in the first year at age 70 | $59,012 | $24,592 less |
Illinois HECM lenders ranked by loan count
In Illinois, 22 lenders sponsored HECMs. The top three were Mutual of Omaha Mortgage, Longbridge Financial and Finance of America Reverse, which made 292 of 392 loans (74%). Make a comparison with the national ranking.
| Rank | Lender | HECMs | Share |
|---|---|---|---|
| 1 |  | 117 | 29.8% |
| 2 | Longbridge Financial | 95 | 24.2% |
| 3 | Finance of America Reverse | 80 | 20.4% |
| 4 |  | 19 | 4.8% |
| 5 | PHH Mortgage | 13 | 3.3% |
| 6 | South River Mortgage | 12 | 3.1% |
| 7 | Plaza Home Mortgage | 10 | 2.6% |
| 8 |  | 9 | 2.3% |
| 9 | Guaranteed Rate | 5 | 1.3% |
| 10 |  | 4 | 1% |
In Illinois, local lenders and brokers originated HECMs
Illinois HECM applications were received by 65 companies. The firms outside the national group above with the most originations were Lower (10), Loandepot.com (9), First American Bank (7), Senior Reverse Mortgage Group (6), New American Funding (6), American Pacific Mortgage (5), Us Mortgage (4) and Movement Mortgage (4). These counts are of the company that originated each loan, while the ranking above counts the lender that sponsored it, so the two lists are not comparable.
Where HECMs were made in Illinois
With 148 of the 392 loans, Cook County ranked first, while Dupage had 42. Chicago had 56, Huntley 11, Rockford 8, Naperville 8 and Roselle 6, the highest totals among the cities. City names are the mailing city on each HUD record and can reach into nearby counties, so a city's count need not match the county table.
| County | HECMs | Share |
|---|---|---|
| Cook | 148 | 37.8% |
| Dupage | 42 | 10.7% |
| Lake | 28 | 7.1% |
| Will | 24 | 6.1% |
| Kane | 23 | 5.9% |
| Mchenry | 20 | 5.1% |
HUD-approved counselors for reverse mortgages in Illinois
Based in Illinois and spread across 7 cities, 8 reverse mortgage counseling agencies are listed by HUD. You can find their phone numbers in HUD's counselor search.
| City | Agency | How they counsel | Languages |
|---|---|---|---|
| Chicago, IL | Credit.org - Chicago Branch | phone, video | English, Spanish |
| Chicago, IL | Neighborhood Housing Services of Chicago | phone, in person, video, online, group | English, Spanish |
| Crystal Lake, IL | Restoration America | phone, in person | English, Spanish |
| Evanston, IL | Open Communities | phone, in person, video, online, group | English, Spanish |
| Homewood, IL | South Suburban Housing Center | phone, in person, video, online, group | English |
| Skokie, IL | Housing Opportunity Development Corporation | phone, in person, video, online, group | English |
| Wheaton, IL | H.O.M.E. Dupage | phone, in person, video, online | English, Spanish |
| Woodstock, IL | Consumer Credit Counseling Services of Northern Illinois | phone, in person, video, online, group | English, Spanish |
Property tax relief in Illinois for older homeowners
In Illinois, senior homeowners with low incomes can get a homestead exemption that keeps their property assessment frozen. Property Tax - Exemption Information (PIO-74).
Who oversees reverse mortgage lenders in Illinois
A business that brokers or funds residential mortgages in Illinois must hold a license. The Illinois Residential Mortgage License Act of 1987 sets that requirement. Residential Mortgage Company Licensees.
The HUD HECM portfolio snapshot covers September 2025 to August 2026. See data for every state.