In 2024, there were 431 active reverse mortgage loans in Will County, Illinois. The average home value in Will County is $358,574.72.

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

Will County is located in the state of Illinois and is known for its diverse communities, rich history, and vibrant economy. With a population of over 692,661 residents, the county offers a blend of suburban living and rural landscapes. Will County experiences a temperate climate with hot summers and cold winters, making it an attractive location for those seeking a variety of seasons. One notable historical aspect of Will County is its connection to the Illinois and Michigan Canal, which played a significant role in the county’s development as a transportation hub in the 19th century. Today, Will County is recognized for its strong real estate market, with an average home value of $358,574.72 and average property tax of $5,582.72. For seniors looking to access the equity in their homes, a reverse mortgage could be a viable option, especially with the current average interest rate of 4.20%. Reverse mortgages can provide financial flexibility for retirees and help them stay in their homes while tapping into their home equity.

Reverse Mortgage Loan Origination in Will County

Reverse Mortgage Home Values in Will County

Reverse Mortgage Interest Rates Will County

There are approximately 431 active reverse mortgage loans in Will County. The average interest rate in Will County is 7.74% for reverse mortgages. The average maximum claim amount (the lesser of the appraisal or lending limit), among reverse mortgage borrowers, in Will County was $341,857.14 in 2024.

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

With the average home value of $341,857.14, 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 Will 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 Will 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 »