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 — with a reverse mortgage, you don't. Your reverse mortgage balance, including accrued interest and fees, does not have to be repaid until you sell the home or permanently leave the home, as long as you meet your loan obligations (which includes keeping current with property-related taxes, insurance and upkeep).
  • With a reverse mortgage line of credit, the unused amount in your credit line actually grows over time — giving you access to more available funds. This means that the less you take out up front, the more will be available to you later.
  • 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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Larry Truly Cares About Those He Helps From our first meeting we felt at ease. Larry is definitely knowledgeable with the reverse mortgage and he helped us to understand what went on with each step of the process. He was patient, a good listener, and took his time to explain issues in a way we understood. In the end we felt confident we had made the right decision and had chosen the right person to guide us. Larry truly cares about those he helps. We so appreciate his looking out for us. Thank you, Larry.

Ron & Carol T — Feb 13, 2018

Very Thoughtful and Professional Larry is a very thoughtful and professional person. He carefully and with great patience took me through the process and gained my respect and trust. Always available and always following up, without the sales push and aggressiveness of other companies I talked with. Great person to work with and I highly recommend him      

Javier I — Feb 13, 2018

Wonderful Customer Service Customer service was top notch from beginning to end; any and all questions we had were answered or we were put in touch with someone who would be able to help us. Our representative Larry McAnarney helped each step of the way and never failed to get back to us in a timely manner.

Diane R — Jan 12, 2015

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