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

(111)

True Professional Larry was a true professional and really knows his stuff. He helped me with a financial problem and I now can breathe much easier knowing I can stay in my home.

Dolores R — Feb 3, 2015

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

Paul P — Sep 6, 2018

Couldn't be Happier We recently closed our reverse mortgage with Larry McAnarney and couldn’t be happier. We don’t need the money, but Larry explained how we could set up a growing line of credit which could be used as possible future income, immediate liquidity, a long term care insurance hedge, and much more. We used this product as part of our retirement income planning strategy. Larry was very knowledgeable on all aspects of what we were trying to accomplish and very responsive to our needs and questions. He is highly recommended by us.      

Jim & Marcia M — Jan 12, 2018

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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. RMF is a Licensed Mortgage Banker in the State of New York, but this loan originator and site are not authorized by the New York State Department of Financial Services. No mortgage solicitation activity or loan applications for properties located in the State of New York can be facilitated through this site.

© 2020 Reverse Mortgage Funding LLC, 1455 Broad St., 2nd Floor, Bloomfield, NJ 07003, 1-888-494-0882. Legal approval #L976-Exp042018, Company NMLS ID # 1019941. For licensing information go to www.nmlsconsumeraccess.org/?EntityDetails.aspx/?COMPANY/1019941. For California consumers: For information about our privacy practices, please visit www.reversefunding.com/privacy . Not all products are available in all states. Terms subject to change without notice. Certain conditions and fees apply. This is not a loan commitment. All loans subject to approval. For more information about Larry McAnarney go to https://local.reversefacts.com/larry-mcanarney-d5f3b06e35a1
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