Welcome to the Elgin, IL reverse mortgage information center
Larry McAnarney is your Elgin, 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 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 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: establishing a “rainy day” fund for the unexpected, paying…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
You may still be eligible. Proceeds from your reverse mortgage would first be used to pay off any existing mortgage(s).…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
Larry is the Best!! I was referred to Larry and could not be happier for the result. I had a unique circumstance, I was just out of bankruptcy and I had to save my house from foreclosure. I just got in under the time to qualify from the better limits under the old rules for a larger line of credit. Because my bankruptcy estate was not fully complete I had to get a court order from the bankruptcy judge to remove my house from my bankruptcy estate. With a time limit of 12/31/13 to close the financing, which I had to have to pay off the amount due to get out of foreclosure. Once I had the court order, Larry did a miracle in getting the paper work complete to close. I ended up closing the reverse mortgage on 12/31/13 at 12:30 pm, just 4.5 hours left in the year to close the deal! Larry saved my house and life. I can never express the amount of gratitude I have for his great service. THANK YOU LARRY!!!!!
Carl S — Jan 16, 2017
The Customer Comes First Her I have been very happy with all of my dealings with Larry McAnarney. He has the drive needed to handle all the details in a timely manner but explain the steps and concepts in an easy to understand and gentle, laid back manner. Never a hard sell with Larry. With a plan to close the transaction before the first of the month, Larry kept the momentum going until all was settled with four days to spare. He was available for questions and advice at all times which was very beneficial because of the timetable involved. Professional and engaging. Win-Win-Win.
Valerie D — Jan 30, 2015
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
Below are just a few of the Illinois cities and counties where you can obtain a reverse mortgage.