Champaign, Illinois Reverse Mortgages
Welcome to the Champaign reverse mortgage information center
Larry McAnarney is your Champaign 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.
NMLS ID 21059
Cell Phone: 815.703.4745
Reverse Mortgage Funding, LLC
700 Commerce Drive Suite 5055
Oak Brook, IL 60523
Branch NMLS ID 1404799
Illinois Residential Mortgage Licensee
I have been educating and answering questions for homeowners and their families about reverse mortgage programs since 1999.
For so many homeowners age 62 and older, a Home Equity Conversion Mortgage (HECM) – also known as a reverse mortgage loan – could be a flexible and effective way to turn the equity you have in your home into funds you can use.
My experience is broad and deep in financial services dedicated to senior households. Today, as a Reverse Mortgage Specialist, my focus is on helping homeowners 62 and older, and their families, understand the reverse mortgage loan process from end to end.
Some Fast Facts About Larry McAnarney
- Co-Author, The Road to Success (Celebrity 2016), Amazon Bestseller
- Quoted in Bloomberg Businessweek (Dec 2015)
- Featured in The Reverse Review (Jan 2016)
- Member of the Society of Certified Senior Advisors since 2006
- Member of the Financial Planners Association
- Volunteer, AARP Representative Payee Program since 2009
Please Click Here to receive reverse mortgage information from a company that's experienced and licensed in Illinois.
Basic Reverse Mortgage Requirements
- Borrowers must be age 62 years or older
- Own their home and have enough equity to qualify
- Occupy the home as primary residence
- Receive counseling by an approved HUD/FHA counselor
- The home must be in reasonably good repair
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.
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
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
Reverse mortgages are available with either fixed or variable rates. Borrowers who elect a fixed-rate…
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
A reverse mortgage offers certain advantages:
- With a traditional home equity loan or home equity line of credit, you…
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
Typically, reverse mortgage loan funds are not subject to income tax. Contact your tax advisor for additional details.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
The other borrower continues to own and live in the home — and enjoy all the benefits of their reverse mortgage.
To be eligible for a reverse mortgage, you’ll need to meet the requirements set by the federal government:
Reverse Mortgage Specialist
NMLS ID 21059
Great experience Larry McAnarney was just super. He helped us stay organized and explained everything that needed to happen to complete the reverse mortgage. We really couldn't have done it without him. Like anything that's associated with the government, there are lots of hoops to jump through. But Larry was very patient with our questions and was easy to work with from start to finish. My wife was getting impatient with the process and said some things that would have caused most people to say good-bye, but Larry stayed calm and didn't put any pressure on us to make a final decision. He treated us with respect and wanted to be sure that WE were happy with what we were doing. I'd highly recommend Larry to anyone who is considering a second mortgage. It was a great experience.
Terry M — Aug 14, 2015
Larry treated me respectfully Larry treated me respectfully, explained every step in the process. He was always there for any questions I had. I would recommend him to all my friends and family.
Sheila R — Apr 29, 2015
Informative & Professional I worked with Larry McAnarney and he was very informative and professional. Everything went smoothly with the reverse mortgage and I was very pleased with the transaction.
Mark G — Mar 27, 2019
Below are just a few of the Champaign cities and counties where you can obtain a reverse mortgage.