In 2024, there were 2583 active reverse mortgage loans in Cook County, Illinois. The average home value in Cook County is $362,317.23.

Click here to get a reverse Mortgage Quote in Cook County, Illinois

To avoid scams, make sure you are working with a licensed lender in Illinois. South River Mortgage is a fully licensed lender in Illinois. The IL state regulator requires mortgage lenders to be explicitly approved to make loans and hold a license. South River Mortgage proudly holds the Residential Mortgage License in IL, and our state license identifier is MB.6761576.  We also maintain active approval with HUD/FHA.

Reverse Mortgage Loans in Cook County

Cook County, located in the state of Illinois, is the second most populous county in the United States. Home to over 5 million residents, Cook County includes the city of Chicago and is known for its vibrant culture, diverse neighborhoods, and world-class dining and entertainment options. The county has a rich historical legacy, with landmarks such as the Chicago Theater, Millennium Park, and the Museum of Science and Industry attracting visitors from around the globe. The average home value in Cook County is $362,317.23, with an average property tax of $4,386.73 and an average interest rate of 4.25%. For seniors looking to tap into their home equity, Cook County offers opportunities for reverse mortgages, allowing homeowners aged 62 and older to access funds based on the equity in their homes. Reverse mortgages can provide financial flexibility for seniors looking to supplement their income or cover unexpected expenses, making Cook County a favorable location for retirees seeking financial security.

Reverse Mortgage Loan Origination in Cook County

Reverse Mortgage Home Values in Cook County

Reverse Mortgage Interest Rates Cook County

There are approximately 2583 active reverse mortgage loans in Cook County. The average interest rate in Cook County is 7.63% for reverse mortgages. The average maximum claim amount (the lesser of the appraisal or lending limit), among reverse mortgage borrowers, in Cook County was $325,571.43 in 2024.

Click here to get a Reverse Mortgage Quote in Cook County, Illinois »

Note that our loan origination data will not exactly match FHA’s HECM portfolio snapshot. This discrepancy occurs because FHA’s reports are limited to loans endorsed by FHA (i.e. HECMs only). We use a series of custom data criteria that make it possible to identify all reverse mortgages: HECMs, proprietary, and even single-purpose reverse mortgages.

Jumbo Reverse Mortgage in Cook County, IL

With the average home value of $325,571.43, you may be wondering about the opportunities for jumbo loans.

The FHA has increased the HECM lending limit to $1,209,750 for 2025. If your property is valued above the HECM lending limit, you may be eligible for additional proceeds through the HomeForLife jumbo reverse mortgage.

Reverse Mortgage Refinance (HECM to HECM) in Cook County

It might make sense to refinance your reverse mortgage. There are many situations where refinancing could be very beneficial to you:

• You want to get more cash out because your home value has increased substantially
• You want to pay less in interest by obtaining a lower interest rate
• You want to add a loved one to the reverse mortgage

As a bonus, South River Mortgage can sometimes provide multiple benefits at once, depending on the situation. There have been cases where we can help secure a lower interest rate and additional cash. In some cases, we have been able to do all three benefits: lower rate, more cash, and adding a son or daughter onto the mortgage.

South River Mortgage can help you refinance your reverse mortgage. Get a quote today »

Reverse for Purchase (HECM for Purchase) in Cook County

You can now purchase a home with a reverse mortgage in {county}, IL. The reverse for purchase lets homebuyers purchase the home and get a reverse mortgage in a single transaction. The requirements for a reverse for purchase are very similar to the traditional reverse mortgage program.

Purchasing a home with a reverse mortgage has many benefits:

• No monthly mortgage payment (although you’d still be responsible for property taxes and homeowner’s insurance)
• The home being purchased would meet HUD’s property requirements or minimum property standards (this helps keep the home safe for occupants)

Learn what your down payment would be using our Reverse for Purchase calculator. Or, get pre-approved today »