Financial Advisors

Why Financial Advisors are Reconsidering Reverse Mortgages

A reverse mortgage could help your clients age 62 and older to effectively leverage an important retirement asset: home equity. Thanks to recent academic research that demonstrates the value of FHA-insured* Home Equity Conversion Mortgages (HECMs), reverse mortgages are gaining acceptance as a valuable and effective tool to help satisfy the challenges of meeting retirement goals for decades.

Design Solutions for Your Clients

With its flexible payment options, a reverse mortgage can give borrowers more financial control and can serve as an excellent risk management tool, while keeping productive assets under your management — helping their portfolios last longer. As a tax-efficient strategy, clients can use a reverse mortgage to reduce their income taxes1 by lowering their withdrawals from qualified accounts. Other uses include refinancing aconventional mortgage with a HECM, so as to eliminate a client's monthly principal and interest payment. As with any home-secured loan, the borrower must meet their loan obligations, keeping current with property taxes, insurance, maintenance, and any homeowners association fees. Or perhaps using a HECM to finance the purchase of a home, thereby reducing the amount of cash older clients have to "put down" when downsizing.

HECM Credit Line: A Unique Safety Net Offering a Growth Feature and Flexible Repayment

Clients can establish a HECM credit line and draw on it as needed for future expenses, such as health care costs. A unique feature of the HECM credit line is the amount available to clients will grow2monthly, independent of any change in home value. This feature provides additional available cash in future years that may prove valuable as clients savings are depleted.

Unused Line of Credit Growth

The information being shown is for illustrative purposes only. 
 

To see the pros and cons of a Reverse Mortgage Line of Credit vs. a traditional Home Equity Line of Credit (HELOC), click here.

To learn more, please contact me.

Larry McAnarney
HECM Loan Specialist, NMLS #21059
Call 815-703-4745 | lmcanarney@reversefunding.com

Branch NMLS # 1404799
700 Commerce Drive, Suite 5055
Oak Brook, IL 60523

Not tax advice. Consult a tax professional.
If part of your loan is held in a line of credit upon which you may draw, then the unused portion of the line of credit will grow in size each month. The growth rate is equal to the sum of the interest rate plus the annual mortgage insurance premium rate being charged on your loan.
L1467-Exp112018
 

 

Verified Reviews

(77)

I Trust Larry I was very happy I chose Larry to help me with this loan. He was very helpful and answered all my questions. He answered all my concerns and I trusted him. I would recommend him to any one who needs or wants a reverse mortgage loan. I can call him anytime if I need to and I know he will answer my call.

Dorothy B — May 14, 2015

Patience & Professionalism Larry helped us through every step of the process with patience and professionalism. He answered all our questions. In addition, Larry is very kind and understanding. We are so happy that he was recommended to us by our nephew and financial advisor.      

Tom & Jean C — Sep 26, 2018

Highly Impressed Upon my initial conversation with Larry I was highly impressed along with his credentials. As I continued to work along with him in obtaining all the documentation Larry requested, he came across some huge hurdles regarding my financial situation, but managed to resolve ALL  and was able to successfully acquire a reverse mortgage for myself. I cannot thank Mr. McAnarney enough for providing me with a comforting financial lifestyle.  Larry truly left me with a lasting and positive impression while accomplishing all that he could for me.  Emotionally now, I can see the light at the end of the tunnel. If you are looking to take the next step to financial security and peace of mind, I highly would recommend the very ultimate and polished man in his field, Mr. Larry McAnarney.

Donna G — Apr 4, 2017

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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.