Larry McAnarney
815-703-4745

What are the basic requirements for a reverse mortgage?

To be eligible for a reverse mortgage, you’ll need to meet the requirements set by the federal government:

All borrowers must be age 62 or older (this applies to all co-owners listed on the home’s title).
The home must be your principal residence. And it must meet standards set by the United States Department of Housing and Urban Development (HUD) on property type and condition. You may be able to use your reverse mortgage to pay for any required repairs in order to meet these standards.
Eligible property types include single-family homes, 2- to 4-unit properties, manufactured homes meeting certain criteria, condominiums that are approved by the Federal Housing Administration (FHA), and townhouses. Co-ops do not qualify.

Verified Reviews

(197)

Always Courteous and Responded Timely Larry was recommended by my financial planner. He was always courteous and responded timely. He went to great lengths to make sure I understood the process allowing me to make an informed decision on the plan that would work best for me. He also attended the closing to make sure I wasn't alone. I would recommend Larry to anyone seeking help with a reverse mortgage. Lynn M

Lynn M — Aug 26, 2016

Larry is the Reason We Chose to Proceed Larry McAnarney is the reason we chose to proceed with a reverse mortgage. I had spoken to several individuals with other companies, always feeling after lengthy conversations we were being pressured. After Larry took the time and patience to explain the entire process and had the professional ability to access our financial situation, we knew we could trust and rely on his assistance. Our understanding of the process prior to Larry, was uninformed. We were not pressured in any way and truly feel had a reverse mortgage not been a benefit to us, Larry would have advised us to not pursue a reverse mortgage, even if it meant loosing a client. Larry is a kind, caring and ( very very patient) man. Thank you Larry!

Larry & Joy B — Feb 14, 2020

A pleasant experience Larry McAnarney was very professional yet warm in his dealing with both my wife and me. Our experience during the entire process was a pleasant one.

Paul C — Jan 30, 2014