No. You stay the owner and can remain in the home as long as the occupancy, maintenance, tax, and insurance obligations are met.

What happens to the inheritance?

Heirs can sell and keep the remaining equity, or refinance and keep the home. HECM is non-recourse, so the debt cannot exceed the home's value at settlement.

Yes. HECM loans are FHA-insured, and independent HUD-approved counselling is required before closing. That counselling is not a formality — it exists because the product is easy to structure badly.

Reverse Mortgage in Schaumburg, IL

The HECM

HECMs are FHA-insured reverse loans for owners 62 and older. Live there, maintain the home, pay taxes and insurance. HUD counseling is required.

Schaumburg specifics

The 2024 ACS median value was $349,900. Condo owners need the building to be FHA approved for a HECM. Your bill comes from the Cook County Treasurer.

Schaumburg reverse mortgage questions

Can I get a HECM on my Schaumburg condo?: If the building is FHA approved or gets single-unit approval.
Do HOA dues count as an obligation on a HECM?: Yes. Unpaid dues can cause problems like unpaid taxes.
Should my heirs know about the HECM?: Yes. They will choose between selling and paying off the balance.

More: Schaumburg overview.

Sources

The three questions everybody asks

Do I lose the home?: No. You stay the owner and can remain in the home as long as the occupancy, maintenance, tax, and insurance obligations are met.
What happens to the inheritance?: Heirs can sell and keep the remaining equity, or refinance and keep the home. HECM is non-recourse, so the debt cannot exceed the home's value at settlement.
Is it regulated?: Yes. HECM loans are FHA-insured, and independent HUD-approved counselling is required before closing. That counselling is not a formality — it exists because the product is easy to structure badly.

What it costs

A HECM carries an upfront mortgage insurance premium, an annual premium on the outstanding balance, origination and closing costs, and a servicing structure. The balance grows over time rather than amortising down. That is the mechanism, not a catch — but it means the cost of holding one for twenty years is a very different number from the cost of holding one for five.

Considering a reverse mortgage in Schaumburg?

You get the mechanics, the cost over your expected time horizon, and the alternatives — downsizing, a HELOC, a standard refinance — compared side by side. HUD counselling comes before closing regardless. There is no reason to rush this.

Get a second opinion

Reverse mortgage in other markets

A reverse mortgage is a loan against your home and must be repaid. Borrowers remain responsible for property taxes, homeowners insurance, and maintenance. Independent HUD-approved counselling is required before closing. Nothing here is a rate quote, an offer, or a commitment to lend.