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

(197)

Very Attentive to our Needs I want to thank Larry for all his help during our reverse mortgage process. We were a little apprehensive, but Larry was there to answer all our questions and out our cares to rest. Larry was very attentive to our needs and answered all our calls in a timely manner. Again, we thank Larry for all his help and knowledgeable input.

Steve & Linda S — Feb 13, 2018

A Rocky Road Made Smooth My particular mortgage refinance was exceptionally complicated involving divorce decrees, lawyers and and settlement issues. Cutting to the chase, the situation was handled with professionalism and grace by my agent Larry McAnarney. At times when I felt like ripping my hair out, Larry was there to help each step of the way and keep the loan on track. It was a dedication far beyond what I would have expected. I'd recommend him to anyone seeking a reverse mortgage in a New York minute.

Rob M — Sep 24, 2015

Great Communication, Kind, & Patient Larry was great at communicating and explaining every step involved in the process of getting the reverse mortgage done for us. His demeanor is very kind and patient. So thankful for all that of his help

Jan T — Dec 6, 2023