In 2024, there were 2 active reverse mortgage loans in Union County, Illinois. The average home value in Union County is $399,187.00.

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

Union County, Illinois, located in the southern part of the state, is a picturesque area known for its natural beauty and outdoor recreational opportunities. While the population of Union County is relatively small, the community is tight-knit and proud of its history. The county is home to Shawnee National Forest, a popular destination for hiking, camping, and wildlife viewing. The average home value in Union County is $399,187, with property taxes averaging $2,870.14 annually. The county’s average interest rate is 0.0336. Seniors in Union County may benefit from exploring reverse mortgage options, a financial tool that allows homeowners aged 62 and older to access the equity in their homes. This can provide additional income for retirees or help with unexpected expenses, offering a way for seniors to make the most of their home equity in Union County’s charming community.

Reverse Mortgage Loan Origination in Union County

Reverse Mortgage Home Values in Union County

Reverse Mortgage Interest Rates Union County

There are approximately 2 active reverse mortgage loans in Union County. The average interest rate in Union County is 7.97% for reverse mortgages. The average maximum claim amount (the lesser of the appraisal or lending limit), among reverse mortgage borrowers, in Union County was $365,000.00 in 2024.

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

With the average home value of $365,000.00, 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 Union 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 Union 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 »