Let me show you how our Home Equity Conversion Mortgage (HECM) for Purchase home financing program can help you sell more homes, by making it easier for people age 62 and older to buy the home they desire.
How it works: Buyers can purchase a home by combining a one-time investment of their own funds (a down payment of typically about 45% to 62%, depending on borrower age) with loan proceeds from a HECM. This down payment range assumes closing costs will be financed into the loan.
As with a traditional “forward” mortgage, the home they purchase secures the loan. But unlike a traditional mortgage, monthly mortgage payments are optional while they own and live in the home as their primary residence — making buying a new home even more attractive.
As with any home-secured loan, the borrower must meet their loan obligations, keeping current with property taxes, insurance, maintenance, and any homeowners association fees.
|*||As with any home-secured loan, the borrower must meet their loan obligations, keeping current with property taxes, insurance, maintenance, and any homeowners association fees. A HECM is a home-secured loan that must be repaid upon default or a maturity event, such as when the home is sold, all homeowners have passed away, or the last surviving borrower no longer lives there as their primary residence.|
Contact me today to find out how you can tap into this vital market, create more foot traffic and sell more homes.
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HECM for Purchase Specialist, NMLS #21059
Call 815-703-4745 | Lmcanarney@reversefunding.com
Branch NMLS # 1404799
700 Commerce Drive, Suite 5055
Oak Brook, IL 60523
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
Totally Committed to Service and the Custome Going through the hoops for a reverse mortgage was a task. I found Larry McAnarney and he was beyond professional in his willingness to cover every nuance, foresee any possible problems, and SUPER follow through after approval. I can't reommend this service highly enough.
Shaun K — May 22, 2015
Very Professional from Start to Finish!! With little or no knowledge about the details involved in a reverse mortgage, I set out to find a company I could TRUST to help me make the best decisions on my Moms behalf of receiving a source of a supplemental income. I was referred to Larry McAnarney by a friend. I contacted Larry and he replied to my email in a timely and VERY professional manner. After speaking with him on the phone with my list of questions I felt very confident that this was the person I would be dealing with from here on out. His response time to my calls and emails was beyond excellent when it comes to customer service. I would highly recommend Larry to anyone who is looking into the possibilities of a Reverse Mortgage. I would have given Larry a SIX star rating if I could.... but, a five star will have to do for now.
Alicia F — Feb 20, 2015