In 2024, there were 92 active reverse mortgage loans in St. Clair County, Illinois. The average home value in St. Clair County is $263,035.23.

Click here to get a reverse Mortgage Quote in St. Clair 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 St. Clair County

St. Clair County is located in the state of Illinois and is known for its rich history and vibrant communities. With a population of over 270,000 residents, the county enjoys a diverse cultural landscape and a range of amenities for its residents. The county is renowned for its historical significance, being home to key landmarks such as the Cahokia Mounds State Historic Site, a UNESCO World Heritage Site showcasing the remnants of an ancient Native American city. The average home value in St. Clair County is $263,035.2283, with an average property tax of $3,184.202143 and an average interest rate of 0.03949021739. For seniors looking to leverage their home equity, St. Clair County offers opportunities for reverse mortgages, allowing homeowners aged 62 and older to convert a portion of their home’s value into tax-free income. This financial tool can be particularly beneficial for seniors looking to supplement their retirement income or cover unexpected expenses while remaining in the comfort of their own home.

Reverse Mortgage Loan Origination in St. Clair County

Reverse Mortgage Home Values in St. Clair County

Reverse Mortgage Interest Rates St. Clair County

There are approximately 92 active reverse mortgage loans in St. Clair County. The average interest rate in St. Clair County is 7.54% for reverse mortgages. The average maximum claim amount (the lesser of the appraisal or lending limit), among reverse mortgage borrowers, in St. Clair County was $357,222.22 in 2024.

Click here to get a Reverse Mortgage Quote in St. Clair 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 St. Clair County, IL

With the average home value of $357,222.22, 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 St. Clair 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 St. Clair 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 »