Decatur, IL, Illinois Reverse Mortgages

Welcome to the Decatur, IL reverse mortgage information center

Larry McAnarney is your Decatur, 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 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.