In 2024, there were 28 active reverse mortgage loans in Peoria County, Illinois. The average home value in Peoria County is $244,743.54.

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

Peoria County, located in Illinois, is known for its rich history and vibrant community. With a population of around 180,206 residents, the county offers a diverse range of amenities and attractions. Peoria County is celebrated for its beautiful natural landscapes, historic architecture, and cultural institutions. Home values in Peoria County average around $244,743, with property taxes averaging $4,888.83 annually. Seniors looking to supplement their income in retirement may consider a reverse mortgage, leveraging the equity in their homes. With an average interest rate of 4.16%, a reverse mortgage can provide financial flexibility for seniors in Peoria County, allowing them to access the value of their homes while continuing to live independently in a community they love.

Reverse Mortgage Loan Origination in Peoria County

Reverse Mortgage Home Values in Peoria County

Reverse Mortgage Interest Rates Peoria County

There are approximately 28 active reverse mortgage loans in Peoria County. The average interest rate in Peoria County is 7.62% for reverse mortgages. The average maximum claim amount (the lesser of the appraisal or lending limit), among reverse mortgage borrowers, in Peoria County was $145,000.00 in 2024.

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

With the average home value of $145,000.00, 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 Peoria 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 Peoria 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 »