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Champaign Reverse Mortgages
Reverse Mortgage Consultant
Larry brings knowledge and expertise to his role as a reverse mortgage consultant. He spent many years as a reverse mortgage managing director... Read More
Larry McAnarney
NMLS ID 21059
Reverse Mortgage Consultant
Office - 630-276-9326 | Toll-free – 888-898-7121 | Cell - 815-654-7100
Email | Website
Reverse Mortgages in Champaign, IL.
If you are a resident of Champaign, IL. and are looking for a Illinois Reverse Mortgage then please read on. This page contains information on the Champaign reverse mortgage. Senior Reverse Mortgage Online is a national provider of reverse mortgages, and offers loans in each city across the state. We also act as A Reverse Mortgage Referral Service, so if you prefer to work with someone in your immediate area, you can do just that. Visit our Reverse Mortgage Directory for local Champaign reverse mortgage providers. Benefits and highlights of the Champaign reverse mortgage are listed below.
A Reverse Mortgage is a federally-insured home loan that lets a homeowner convert a portion of the home's equity into cash. The equity can be paid to you, the borrower, in one large lump sum, in monthly term or lifetime payments, or be retained in an interest bearing account until the funds are needed. With a Champaign reverse mortgage, unlike a traditional home equity loan or second mortgage, NO REPAYMENT of the loan is necessary, so long as the borrower lives in the home. This makes it a good source for More Retirement Income. Additional information on the Champaign, IL. reverse mortgage is listed below.
Champaign Reverse Mortgage Requirements:
- >>Borrowers must be Age 62 years or older
- >>Own their home and have enough equity in to qualify
- >>Occupy the home as primary residence
- >>Receive counseling by an approved HUD/FHA counselor
- >>The home must be in reasonably good repair
Champaign Reverse Mortgage Payment Options
- >> Lump sum disbursement
- >> Monthly payments
- >> Line of credit
- >> A combination of the Above
Champaign Reverse Mortgage Loan Amount
The amount of a reverse mortgage loan is based on several factors.
- >> Age of the youngest borrower
- >> Value of the home
- >> How much is owed on the home (if any)
- >> Current interest rate
To learn more about reverse mortgages in Champaign, IL. please request a free Reverse Mortgage Quote online. There is no obligation, and the information is free. You may visit the following link to return to the Senior Reverse Mortgage home page.
