In 2024, there were 41 active reverse mortgage loans in McLean County, Illinois. The average home value in McLean County is $249,938.56.

Click here to get a reverse Mortgage Quote in McLean 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 McLean County

McLean County, located in Illinois, is home to a vibrant community with a population of over 170,000 residents. Known for its diverse economy, picturesque landscapes, and rich agricultural heritage, McLean County offers a high quality of life for its residents. The county experiences a continental climate with warm summers and cold winters, making it an attractive place to live for those who enjoy experiencing all four seasons. With an average home value of $249,938.56 and an average property tax of $4,324.96, McLean County presents a mix of affordable housing options and desirable neighborhoods. For seniors looking to tap into their home equity to supplement their retirement income, a reverse mortgage could be a valuable financial tool. With an average interest rate of 0.0444, homeowners in McLean County may find that a reverse mortgage provides them with the flexibility and financial security they need in their later years.

Reverse Mortgage Loan Origination in McLean County

Reverse Mortgage Home Values in McLean County

Reverse Mortgage Interest Rates McLean County

There are approximately 41 active reverse mortgage loans in McLean County. The average interest rate in McLean 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 McLean County was $215,000.00 in 2024.

Click here to get a Reverse Mortgage Quote in McLean 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 McLean County, IL

With the average home value of $215,000.00, 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 McLean 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 McLean 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 »