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

(75)

Reverse Mortgage for Purchase I just wanted to tell you that we were very happy purchasing our home using the reverse mortgage purchase program. Everything worked out perfect. Thanks again Larry      

Ed & Rose S — Apr 24, 2018

Couldn't be Happier Couldn't be happier, Larry is very knowledgeable and helpful. Highly Recommended!!      

Paul P — Sep 6, 2018

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

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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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