What the law says
- Illinois' Residential Mortgage License Act requires counseling before you take any legally binding action on a shared appreciation agreement, and you can't waive it (205 ILCS 635/5-12.5, from Public Act 103-1015).
- Rules from the Illinois Department of Financial and Professional Regulation took effect June 1, 2026. They cover counselor qualifications, what counseling must include, how sessions are held, and recordkeeping.
Who provides the required counseling
Under the Illinois rules, the required counseling comes from an independent HUD-certified housing counselor, who works for a HUD-approved housing counseling agency.
How our review fits in
The required session covers the basics. Our Offer Review goes further: the true cost of your actual offer at 3, 5, and 10 years, red flags in the contract, and how it compares with the other providers and with a HELOC, home equity loan, or refinance. Many homeowners do both.