How is a reverse mortgage different from a traditional home equity loan or line of credit?

A reverse mortgage offers certain advantages:

With a traditional home equity loan or home equity line of credit, you must make monthly principal and interest payments on the balance while you live in the home — whereas a reverse mortgage has a flexible repayment feature. You can pay as much or as little as you like each month toward principal and interest, or make no monthly loan payment at all. Your reverse mortgage balance, including accrued interest and fees, does not have to be repaid until you pass away or move out, as long as you meet your loan obligations (which includes keeping current with property-related taxes, insurance and upkeep).
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 — giving you access to more available funds as time goes on. The growth rate is equal to the sum of the interest rate plus the annual mortgage insurance premium rate being charged on your loan.
And the lender cannot “freeze” or reduce the line of credit, as long as you fulfill your loan obligations — so it will be there if and when you need it.

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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

Larry was Simply Excellent to Work With Larry McAnarney was simply excellent to work with, providing complete information on the details and process of a reverse mortgage understandably, patiently and with evident knowledge and experience. Larry was available for questions throughout the process, always responding in a timely and courteous manner. Overall Larry offered an outstanding customer experience

George & Kaori F — Sep 15, 2020

Great Job Larry was very helpful, answered my querstions not once but many times. He was very professional and polite.

Michael G — May 13, 2014