Champaign, IL, Illinois Reverse Mortgages

Welcome to the Champaign, IL reverse mortgage information center

Larry McAnarney is your Champaign, IL 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
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)

Professional Affiliations

  • Member of the Society of Certified Senior Advisors since 2006
  • Member of the Board of Directors of the Financial Planners Association, West Surburban Council
  • Volunteer, AARP Representative Payee Program since 2009
  • Member of the National Association of Insurance and Financial Advisors

Please Contact Us 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.

 

Can a reverse mortgage be refinanced?

What is a Home Equity Conversion Mortgage (HECM)?

What has to be repaid when the loan becomes due?

How can I use the proceeds?

Will a reverse mortgage affect my government benefits?

Are interest rates fixed or variable?

What is a reverse mortgage?

How can I receive the funds from a reverse mortgage?

How is a reverse mortgage different from a traditional home equity loan or line of credit?

Will I have to pay any fees?

How much money can I get?

Will I be taxed on my reverse mortgage proceeds?

What if I still owe money on a first or second mortgage?

When will the principal and interest charges become due?

What if one of the co-borrowers passes away or must move out for health reasons?

What are the basic requirements for a reverse mortgage?

Can I use a reverse mortgage to purchase a home?

Can a reverse mortgage be refinanced?

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

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What is a Home Equity Conversion Mortgage (HECM)?

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

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What has to be repaid when the loan becomes due?

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

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How can I use the proceeds?

Use the proceeds for the things you need and want. For example: establishing a “rainy day” fund for the unexpected, paying…

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Will a reverse mortgage affect my government benefits?

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

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Are interest rates fixed or variable?

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

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What is a reverse mortgage?

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…

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How can I receive the funds from a reverse mortgage?

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

  • Lump sum
  • Monthly…
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How is a reverse mortgage different from a traditional home equity loan or line of credit?

A reverse mortgage offers certain advantages:

  • With a traditional home equity loan or home equity line of credit, you…
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Will I have to pay any fees?

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

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How much money can I get?

The specific amount depends on several factors, including:

  • Your…
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Will I be taxed on my reverse mortgage proceeds?

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

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What if I still owe money on a first or second mortgage?

You may still be eligible. Proceeds from your reverse mortgage would first be used to pay off any existing mortgage(s).…

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When will the principal and interest charges become due?

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

  • A…
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What if one of the co-borrowers passes away or must move out for health reasons?

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

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What are the basic requirements for a reverse mortgage?

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

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Can I use a reverse mortgage to purchase a home?

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

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Reverse Mortgage Specialist

Larry McAnarney

Larry McAnarney
NMLS ID 21059

815-703-4745

Free Quote

Verified Reviews

(52)

Step by step help along the way Larry McAnarney was recommended to me. Fortunately, I was able to contact him to assist me in securing a reverse mortgage. He talked to me in terms that I could understand which made my steps possible. He politely and patiently answered my questions and proposed some himself. There was always an update from him on progress or what I should be expecting. To have a person that is comfortable to have a conversation with is important to me. I felt that any question or comment I had was going to be received in a friendly and business like manner. After all the paper work was finished and the reverse mortgage was secured, he still phoned to check if I had questions. I have already recommended him to people who are retirement age, or to their families, in case this could be of assistance to their parents. Obviously, I have a high opinion of my experience.

Deanne R — Mar 31, 2015

Thanks Again Larry treated me very well and helped me go thru the indepth process!!! Thanks again

W Hammond — Sep 7, 2015

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

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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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