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
Professional Affiliations
Please Contact Us 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 TopA HECM is a reverse mortgage loan that's insured by the Federal Housing Administration (FHA).
Read More Back to TopYou’ll repay the loan balance, any fees that have been added, and the accrued interest. Homeowners (or their heirs) usually…
Read More Back to TopUse 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 TopThe 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 TopA 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 TopA 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 TopThe 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 TopYes. 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 TopThe 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.
To be eligible for a reverse mortgage, you’ll need to meet the requirements set by the federal government:
Yes, with the HECM (Home Equity Conversion Mortgage) for Purchase loan, qualified borrowers can use their loan proceeds…
Read More Back to Top
We Loved the Personal Touch We had talked to other reverse mortgage companies, but it was always over the phone. We liked the fact that Reverse Mortgage Funding had someone come to our house. We loved the personal touch. Our loan specialist Larry McAnarney did an outstanding job explaining the reverse mortgage process. He was just wonderful to work with. He kept us up to date with how the process was going with email and phone calls. We highly recommend him and RMF to anyone thinking about a reverse mortgage.
Casey & Sandra C — Mar 8, 2019
Extremely Patient, Courteous, and Helpful My father recently concluded a reverse mortgage for which Mr. Larry McAnarney was the loan officer. I sat in with my father on several of the discussions to help him through the process. Mr. McAnarney was extremely patient, courteous and helpful. He answered all of our questions and went out of his way to make sure that my father understood his options and was comfortable. His conduct was very professional, while exhibiting genuine care for the elderly client whom he was serving. Both my father and I felt very confident about his knowledge, ethics and professionalism. I would recommend Mr. McAnarney to anyone considering the option of a reverse mortgage.
Jackie V — May 15, 2018
Professionalism & Cordiality Larry deserves 5 stars! Larry handled and explained the reverse mortgage questions promptly from the beginning with professionalism and cordiality. He was very thorough in the coverage of reverse mortgage issues and explained them with clarity and patience. We have relied on his feedback and documentation in order to make decisions.
George & Violet M — Apr 13, 2017
Below are just a few of the Illinois cities and counties where you can obtain a reverse mortgage.
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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Arizona Mortgage Banker License #0927682; Georgia Residential Mortgage Licensee No. 36793, Originator License No. 40299; Kansas Originator License LO.0001032; Licensed by the New Jersey Department of Banking and Insurance; Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act; Loans made or arranged pursuant to a California Financing Law license; Texas Mortgage Banker Registration in-state branch address 6044 Gateway East, Suite 236, El Paso, TX 79905 (Branch NMLS 1244676); Not intended for Hawaii and New York consumers.
