Larry McAnarney is a trusted reverse mortgage specialist in Aurora, Illinois, serving homeowners age 62 and older throughout the Fox River Valley. As a reverse mortgage expert with Mutual of Omaha Mortgage, Larry helps seniors eliminate monthly mortgage payments, access home equity, and achieve long-term financial security while preserving Aurora’s riverfront homes, historic districts, and established neighborhoods.
With deep local knowledge, Larry navigates Aurora-specific considerations such as casino-area property valuations, Paramount Theatre and historic easements, zoning requirements, and multi-family property conversions. His educator-style approach ensures seniors and their families clearly understand how FHA-insured Home Equity Conversion Mortgages (HECMs) work and how a reverse mortgage can support retirement income planning.
Aurora homeowners consistently recognize Larry for his transparency, responsiveness, and commitment to client education. Known throughout the City of Lights as a reliable advocate for senior homeowners, Larry McAnarney provides the expertise and personalized guidance needed to turn home equity into lasting financial independence.
A Home Equity Conversion Mortgage, or HECM, is a flexible financial product designed for homeowners aged 62 and older. The loan is insured by the Federal Housing Administration (FHA) so that borrowers will not owe more than the value of the home at maturity. With a HECM, also known as a reverse mortgage, you can convert some of the equity in your home into cash to meet financial goals, such as supplementing retirement income, buying a new home, maintaining a quality lifestyle, or preparing for a more secure and rewarding financial future.
All that happens all without giving up ownership or control of your home and without having to make monthly mortgage payments. Of course, as homeowners, you are responsible for occupying the home as your primary residence, keeping up with property maintenance, and staying current on paying property taxes, required insurance and any homeowners’ fees.
Instead of repaying the loan in monthly installments, you or your estate repay the principal, accrued fees and interest when you no longer live in the home.
When it comes to getting your payment, you determine how you’d like to receive your funds based on your individual financial needs and objectives. For example:
