If you are lending a large sum of money to a borrower, secure repayment of that loan with this
Residential Mortgage for Illinois, which can be registered against title to the borrower's property.
- The borrower will repay the loan in monthly installments of blended principal and interest.
- The borrower will make monthly installment payments to pay all applicable yearly taxes, hazard insurance, mortgage insurance, leasehold payments or ground rents on the property (escrow items).
- The borrower must keep the property insured.
- Contains an acceleration provision if the property is transferred without the lender's consent, or if there is a change in the beneficial ownership of the borrower.
This
Illinois Residential Mortgage form is provided in MS Word format, and is easy to download, fill in and print.
