Common Uses

Live more comfortably with a Home Equity Conversion Mortgage (HECM) loan. Its flexible repayment feature gives you more freedom in how you manage your monthly expenses, and you can use the funds as you choose. For example:

  •  Dramatically lower your monthly mortgage payments
  •  Consolidate auto loans and high-interest credit card debt, and reduce your bills
  •  Improve monthly cash flow
  •  Establish a standby line of credit you can tap into as needed
  •  Gain payment flexibility, for more financial control
  •  Fund large purchases like a new automobile
  •  Assist a grandchild headed off to college
  •  Fund major home renovation projects
  •  Buy a home that better suits you

Depending on your needs and plans, you have the choice of taking your funds as:

  •  A line of credit — which offers all the benefits of a traditional Home Equity Line of Credit, but with greater flexibility
  •  Monthly advances, either for a set period of time or as long as you live in your home
  •  A lump sum
  •  Or a combination of these options
  •  Plus, you can change how you receive your remaining funds at any time, if you need or want to

 With a HECM loan, commonly known as a reverse mortgage, no principal and interest payments are required until you move, pass away or sell the home, as long as you meet your loan obligations. (As with any home-secured loan, you must keep current with property-related taxes, insurance and maintenance for the loan to remain in good standing.) However, you can opt to pay down your principal and interest if and when you choose; no pre-payment penalties apply.

To learn more, contact me today.

Larry McAnarney
HECM Loan Specialist, NMLS #21059
Call 815-703-4745 | lmcanarney@reversefunding.com

Branch NMLS # 1404799
700 Commerce Drive, Suite 5055
Oak Brook, IL 60523

 

 

Verified Reviews

(67)

Pleased with the service I want to let you know I am very pleased with the service I received from Larry McAnarney. He was very polite and answered fully any questions I had. I am really happy I got to do business with him.

Gerry E — Jun 21, 2016

A Pleasure to Work With Larry was a pleasure to work with. He was very knowledgeable, pleasant, and patient with our endless questions and phone calls. He kept us updated with the next steps both by email and phone as well as providing us with a packet of information which helped us understand the reverse mortgage process. We would certainly recommend him to anyone considering a reverse mortgage      

Bud & Betty C — Dec 5, 2018

Pleasure Working with Larry It was a pleasure working with Larry. He explained everything just as it worked out from start to finish. I wish I had more school teachers that could explain things and work with me as well as he did. I would definitely recommend him to anyone interested a reverse mortgage. 5 stars plus

Robert R — May 17, 2017

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This material has not been reviewed, approved or issued by HUD, FHA or any government agency. The company is not affiliated with or acting on behalf of or at the direction of HUD/FHA or any other government agency.

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