Larry McAnarney
815-703-4745

What are the basic requirements for a reverse mortgage?

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

All borrowers must be age 62 or older (this applies to all co-owners listed on the home’s title).
The home must be your principal residence. And it must meet standards set by the United States Department of Housing and Urban Development (HUD) on property type and condition. You may be able to use your reverse mortgage to pay for any required repairs in order to meet these standards.
Eligible property types include single-family homes, 2- to 4-unit properties, manufactured homes meeting certain criteria, condominiums that are approved by the Federal Housing Administration (FHA), and townhouses. Co-ops do not qualify.

Verified Reviews

(224)

I Definitely Recommend Larry I had a very good experience working with Larry McAnarney. He was on time returned calls quickly and was very patient answering my questions. If any of my friends have an interest in a reverse mortgage I will definitely recommend him. .

Sherry H — Mar 8, 2019

Proficiency & Knowledge: Larry's proficiency and knowledge of the matter of reverse mortgage and its details was so helpful. Several members from my family of origin were also involved in helping me make this decision. Having a disability, I had to proceed consciously as I enter into my golden years of life. Larry was well aware of my situation and always kept that a consideration when developing this plan for me

Nik L: — Feb 20, 2025

Everything was great Larry did an excellent job, everything was great.

Bill P. — Feb 8, 2016