This program is similar to a loan against your property. The State of Illinois pays your real estate taxes for you at 6% interest. When you pass away or sell the property the loan must be paid back. This is NOT a reverse mortgage. You may only “borrow” the amount due on your property taxes.
To qualify you must:
- Be 65
- Have household income of less than $50,000
- Have owned the property for at least 3 years
- Have no delinquent property taxes
- Have adequate insurance against fire or casualty loss
The annual filing period for this program is January 1 through March 1. If you are interested in this program, please contact your Boone County Council on Aging Outreach Counselor at (815) 544-9893 for all of the details.