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

(56)

Reverse Mortgage through Larry McAnanery Larry made the whole process so easy and easy to understand. He answered all of our questions and let us know everything that was going on. He was even at our closing I would DEFINITELY recommend him to friends and family

Susan K — Aug 12, 2014

Quick Response I had questions about reverse mortgages and how they worked. Larry called and explained everything to us very well. He was quick responding back when I contacted him about some concerns I had while I was deciding to go ahead or not. I would recommend him to others, very polite and helpful. Was a pleasure working with him.

Gloria M — Apr 9, 2014

Larry is the Best!! I was referred to Larry and could not be happier for the result. I had a unique circumstance, I was just out of bankruptcy and I had to save my house from foreclosure. I just got in under the time to qualify from the better limits under the old rules for a larger line of credit. Because my bankruptcy estate was not fully complete I had to get a court order from the bankruptcy judge to remove my house from my bankruptcy estate. With a time limit of 12/31/13 to close the financing, which I had to have to pay off the amount due to get out of foreclosure. Once I had the court order, Larry did a miracle in getting the paper work complete to close. I ended up closing the reverse mortgage on 12/31/13 at 12:30 pm, just 4.5 hours left in the year to close the deal! Larry saved my house and life. I can never express the amount of gratitude I have for his great service. THANK YOU LARRY!!!!!

Carl S — Jan 16, 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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