Exemption

765 ILCS 77/78
in effect
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(765 ILCS 77/78) Sec. 78. Exemption. Borrowers applying for reverse mortgage financing of residential real estate including under programs regulated by the Federal Housing Administration (FHA) that require HUD-approved counseling are exempt from the program and may submit a HUD counseling certificate to comply with the program. A certificate of exemption is required for recording. Mortgages secured by non-owner occupied property, commercial property, residential property consisting of more than 4 units, and government property are exempt but require a certificate of exemption for recording. Mortgages originated by an exempt person or entity are exempt but require a certificate of exemption for recording. (Source: P.A. 98-463, eff. 8-16-13; 98-1081, eff. 1-1-15.)
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://www.ilga.gov/legislation/ilcs/ilcs.aspFetched: 10/17/2026

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