Cincinnati, Ohio Reverse Mortgages

Welcome to the Cincinnati reverse mortgage information center

Larry McAnarney is your Cincinnati 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.

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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

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 Financial Planners Association
  • Volunteer, AARP Representative Payee Program since 2009

Please Contact Us to receive reverse mortgage information from a company that's experienced and licensed in Ohio.

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.

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

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

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

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

  • Lump sum
  • Monthly…
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A reverse mortgage offers certain advantages:

  • With a traditional home equity loan or home equity line of credit, you…
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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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The specific amount depends on several factors, including:

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

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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…

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

  •  A “maturity event” —…
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The other borrower continues to own and live in the home — and enjoy all the benefits of their reverse mortgage.

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

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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

(163)

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

Larry was Always Available I spent my career in sales & marketing and am very familiar with selling a high-end product. Larry is one of the best. He kept the needs of his customer his primary objective. Thanks to Larry I am on my feet again.    

Jim & Judy L — Oct 12, 2021

Worked well for us! My wife and I had been discussing reverse mortgage for some time. We had heard all the pros and cons of doing this type of mortgage and the pros won out. We have a house that was built in 1976 and we have been in it since 1991. We have really done no updates on it and it was really needing some remodeling. We were just not able to afford all the stuff that it needed. We could not find anyone in our area that did reverse mortgage so I got on the internet and did some searches. A few days later I got a call from Larry McAnarney. I told Larry that I came from the "old school" and was use to doing business face to face, but since he was in Illinois and we were in Texas it made it a little difficult. However, to make a long story short, Larry explained everything to our satisfaction and we started the process. We had to go to a counseling session so that we understood the process. After that it was pretty simple. Thanks to Larry McAnarney.

Joe G — Apr 14, 2015

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Below are just a few of the Cincinnati cities and counties where you can obtain a reverse mortgage.