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.
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
Please Click Here to receive reverse mortgage information from a company that's experienced and licensed in Illinois.
Basic Reverse Mortgage Requirements
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:
Yes, refinancing is possible. This option may be to your advantage if your home increases in value, making more funds available.Read More Back to Top
A HECM is a reverse mortgage loan that's insured by the Federal Housing Administration (FHA).Read More Back to Top
You’ll repay the loan balance, any fees that have been added, and the accrued interest. Homeowners (or their heirs) usually…Read More Back to Top
Use the proceeds for the things you need and want. For example: refinancing your existing mortgage(s) to improve cash flow; consolidating…Read More Back to Top
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 Back to Top
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 Back to Top
You have a number of choices for how you receive your funds:
A reverse mortgage offers certain advantages:
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 Back to Top
The specific amount depends on several factors, including:
Typically, reverse mortgage loan funds are not subject to income tax. Contact your tax advisor for additional details.Read More Back to Top
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 Back to Top
The loan must be paid in full when one of the following occurs:
The other borrower continues to own and live in the home — and enjoy all the benefits of their reverse mortgage.
Read More Back to Top
To be eligible for a reverse mortgage, you’ll need to meet the requirements set by the federal government:
NMLS ID 21059
Recommended by My Financial Planner Larry was sooo patient and guided me through the whole process. My circumstances were more complicated than usual and when I would get frustrated Larry spoke to me in a calming voice and explained that it was part of the process of obtaining approval. Thank you Larry
Sandi C — Jan 18, 2019
Professional, Patient, Helpful, and Knowledgeable We couldn't have asked for a more professional, patient, helpful and knowledgeable person like Larry McAnarney. I had the privilege of working with Larry, to help a dear friend with her reverse mortgage. Larry was thorough with the whole process, never pushy and always available when we reached out with questions or needed any kind of assistance. He followed up with us on every procedure and was always very considerate about the need at hand. The "mortgage world" needs more people like Larry McAnarney... then things wouldn't be as complicated or as difficult as we perceive them to be. Thank you Larry, you definitely get way more than just 5 stars!!!
Fiona — Mar 28, 2016
Larry Did a Great Job I originally began dealing with a different national lender but was uncomfortable with their rep and the answers he was giving me. I found Larry McAnarney’s name after a search on the web and called his cell on a weekend. He answered and told me about his company, his personal credentials and experience and impressed me at the outset with a patient and caring manner. He had no hesitancy about going to bat on my behalf with his underwriters and that in particular smoothed and expedited the process. I unequivocally recommend Larry McAnarney to anyone considering a reverse mortgage
Jeffrey L — Dec 2, 2020
Below are just a few of the Illinois cities and counties where you can obtain a reverse mortgage.