Bridgeton Reverse Mortgages

Bridgeton Reverse Mortgages

Welcome to the Bridgeton, New Jersey Reverse Mortgage Information Center

Larry McAnarney is your Bridgeton licensed Reverse Mortgage Specialist

Please contact Larry for additional details and program offerings. Contact us if you would like to know how much money is available to you or request a reverse mortgage quote and fill out the appropriate information.

Larry McAnarney, HECM Loan Specialist

Larry McAnarney

HECM Loan Specialist

NMLS# 21059 | 815-703-4745

What is a reverse mortgage?

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:

  • A monthly payment will supplement your income each month.
  • A lump sum will provide your available funds at once, subject to initial disbursement limits.
  • A line of credit will allow you to withdraw cash as you need it.
  • Any combination of the above will give you the added value of flexibility to meet your personal financial requirements.

 

Reverse Mortgage Frequently Asked Questions

Yes, refinancing is possible. This option may be to your advantage if your home increases in value, making more funds available.

Read More

A HECM is a reverse mortgage loan that's insured by the Federal Housing Administration (FHA).

Read More

You’ll repay the loan balance, any fees that have been added, and the accrued interest. Homeowners (or their heirs) usually…

Read More

Use the proceeds for the things you need and want. For example: refinancing your existing mortgage(s) to improve cash flow; consolidating…

Read More

Reverse mortgages are available with either fixed or variable rates. Borrowers who elect a fixed-rate…

Read More

The funds from a reverse mortgage generally do not affect regular Social Security or Medicare benefits. However, needs-based benefits, such as Medicaid…

Read More

A reverse mortgage is a home-secured loan that’s exclusively for homeowners and homebuyers age 62 and older. It allows borrowers to convert some of…

Read More

You have a number of choices for how you receive your funds:

  • Lump sum
  • Monthly…
Read More

A reverse mortgage offers certain advantages:

  • With a traditional home equity loan or home equity line of credit, you…
Read More

The specific amount depends on several factors, including:

  • Your…
Read More

With the exception of a fee for government-required reverse mortgage counseling, most of the fees associated with a reverse mortgage can be financed…

Read More

Yes. For many homeowners age 62 and older who are looking to refinance their mortgage(s) or consolidate debt to reduce their monthly bills, a reverse…

Read More

Typically, reverse mortgage loan funds are not subject to income tax. Contact your tax advisor for additional details.

Read More

The other borrower continues to own and live in the home — and enjoy all the benefits of their reverse mortgage.

Read More

The loan must be paid in full when one of the following occurs:

  •  A “maturity event” —…
Read More

To be eligible for a reverse mortgage, you’ll need to meet the requirements set by the federal government:

Read More

Yes, with the HECM (Home Equity Conversion Mortgage) for Purchase loan, qualified borrowers can use their loan proceeds…

Read More

Verified Reviews

(197)

Larry is an Asset to the Company I had been thinking about a Reverse Mortgage for some time but was hesitant to take the first step. A friend gave me Larry’s name and I decided to talk to him. Larry was helpful, answered questions and made the process easy and efficient. He is an asset to the company, and I would give him a 5-star rating and recommend him to others doing a Reverse Mortgage

Veronica S — Jan 11, 2023

Extremely Patient, Courteous, and Helpful My father recently concluded a reverse mortgage for which Mr. Larry McAnarney was the loan officer.  I sat in with my father on several of the discussions to help him through the process.  Mr. McAnarney was extremely patient, courteous and helpful.  He answered all of our questions and went out of his way to make sure that my father understood his options and was comfortable.  His conduct was very professional, while exhibiting genuine care for the elderly client whom he was serving.  Both my father and I felt very confident about his knowledge, ethics and professionalism.  I would recommend Mr. McAnarney to anyone considering the option of a reverse mortgage.      

Jackie V — May 15, 2018

We Were Very Pleased Larry McAnarney was very thorough and responsive as we process our reverse mortgage loan. He was always available when we needed him and very prompt in his responses. He knew his product well and communicated with us in a way we could understand.

John & Tonya M — Jan 25, 2022

Read More Reviews
Below are just a few of the New Jersey cities and counties where you can obtain a reverse mortgage.