In 2024, there were 23 active reverse mortgage loans in Ogle County, Illinois. The average home value in Ogle County is $202,537.04.

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

Ogle County, located in Illinois, is home to a diverse population and features a moderate climate characterized by warm summers and cold winters. The county is known for its scenic landscapes, charming rural towns, and outdoor recreational opportunities, making it an ideal location for nature enthusiasts and outdoor adventurers. Ogle County has a rich historical significance, as it was originally inhabited by Native American tribes before European settlers arrived in the early 19th century. The county’s historic sites and landmarks provide a glimpse into its past, showcasing its vibrant heritage and cultural diversity. For seniors looking to leverage their home equity in Ogle County, considering a reverse mortgage may be a viable option. With an average home value of $202,537.04, seniors may be able to access a significant amount of equity to supplement their retirement income. Additionally, the average property tax rate of $2,796.39 and the low average interest rate of 4.08% make Ogle County an attractive location for seniors exploring financial options such as reverse mortgages to enhance their financial security during their golden years.

Reverse Mortgage Loan Origination in Ogle County

Reverse Mortgage Home Values in Ogle County

Reverse Mortgage Interest Rates Ogle County

There are approximately 23 active reverse mortgage loans in Ogle County. The average interest rate in Ogle County is 7.65% for reverse mortgages. The average maximum claim amount (the lesser of the appraisal or lending limit), among reverse mortgage borrowers, in Ogle County was $200,000.00 in 2024.

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

With the average home value of $200,000.00, 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 Ogle 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 Ogle 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 »