Larry McAnarney is your Illinois licensed Reverse Mortgage Specialist
Please contact Larry for additional details and program offerings. Contact us if you would like to know how much money is available to you or request a reverse mortgage quote and fill out the appropriate information.
Larry McAnarney
NMLS ID 21059
Cell Phone: 815.703.4745
Reverse Mortgage Funding, LLC
700 Commerce Drive Suite 5055
Oak Brook, IL 60523
Branch NMLS ID 1404799
Illinois Residential Mortgage Licensee
I have been educating and answering questions for homeowners and their families about reverse mortgage programs since 1999.
For so many homeowners age 62 and older, a Home Equity Conversion Mortgage (HECM) – also known as a reverse mortgage loan – could be a flexible and effective way to turn the equity you have in your home into funds you can use.
My experience is broad and deep in financial services dedicated to senior households. Today, as a Reverse Mortgage Specialist, my focus is on helping homeowners 62 and older, and their families, understand the reverse mortgage loan process from end to end.
Some Fast Facts About Larry McAnarney
Professional Affiliations
Please Contact Us to receive reverse mortgage information from a company that's experienced and licensed in Illinois.
Basic Reverse Mortgage Requirements
A Home Equity Conversion Mortgage, or HECM, is a flexible financial product designed for homeowners aged 62 and older. The loan is insured by the Federal Housing Administration (FHA) so that borrowers will not owe more than the value of the home at maturity. With a HECM, also known as a reverse mortgage, you can convert some of the equity in your home into cash to meet financial goals, such as supplementing retirement income, buying a new home, maintaining a quality lifestyle, or preparing for a more secure and rewarding financial future.
All that happens all without giving up ownership or control of your home and without having to make monthly mortgage payments. Of course, as homeowners, you are responsible for occupying the home as your primary residence, keeping up with property maintenance, and staying current on paying property taxes, required insurance and any homeowners’ fees.
Instead of repaying the loan in monthly installments, you or your estate repay the principal, accrued fees and interest when you no longer live in the home.
When it comes to getting your payment, you determine how you’d like to receive your funds based on your individual financial needs and objectives. For example:
Yes, refinancing is possible. This option may be to your advantage if your home increases in value, making more funds available.
Read More Back to TopA HECM is a reverse mortgage loan that's insured by the Federal Housing Administration (FHA).
Read More Back to TopYou’ll repay the loan balance, any fees that have been added, and the accrued interest. Homeowners (or their heirs) usually…
Read More Back to TopUse the proceeds for the things you need and want. For example: establishing a “rainy day” fund for the unexpected, paying…
Read More Back to TopThe funds from a reverse mortgage generally do not affect regular Social Security or Medicare benefits. However, needs-based benefits, such as Medicaid…
Read More Back to TopA reverse mortgage is a home-secured loan that’s exclusively for homeowners and homebuyers age 62 and older. It allows borrowers to convert some of…
Read More Back to TopA reverse mortgage offers certain advantages:
With the exception of a fee for government-required reverse mortgage counseling, most of the fees associated with a reverse mortgage can be financed…
Read More Back to TopThe specific amount depends on several factors, including:
Typically, reverse mortgage loan funds are not subject to income tax. Contact your tax advisor for additional details.
Read More Back to TopYou may still be eligible. Proceeds from your reverse mortgage would first be used to pay off any existing mortgage(s).…
Read More Back to TopThe loan must be paid in full when one of the following occurs:
The other borrower continues to own and live in the home — and enjoy all the benefits of their reverse mortgage.
To be eligible for a reverse mortgage, you’ll need to meet the requirements set by the federal government:
Yes, with the HECM (Home Equity Conversion Mortgage) for Purchase loan, qualified borrowers can use their loan proceeds…
Read More Back to Top
A pleasant experience Larry McAnarney was very professional yet warm in his dealing with both my wife and me. Our experience during the entire process was a pleasant one.
Paul C — Jan 30, 2014
Very Comfortable with my Decision I was a little nervous when I decided I wanted to look into a reverse mortgage. Had no idea where to begin, so went to a bank and they gave me Larry McAnarney's name. Thank goodness they did! Larry was absolutely wonderful. He was polite, answered all my questions and walked me through the process and was very patient with my questions. I then spoke with a reverse mortgage counselor who was also wonderful. She knew her business, took her time with me, answered all my questions and advised me. I was no longer nervous. I also had a notary who came and closed the reverse mortgage loan and he was very nice, took his time and walked me through the closing. All three people were very knowledgeable about reverse mortgages, both pros and cons, and I felt very comfortable with my final decision to go through the process. The entire process was not uncomfortable for me because all three had taken the time I needed for me to feel comfortable with my decision. I was very happy with the outcome and for the patience of all three individuals. Yes, I would recommend Larry McAnarney to anyone interested in a reverse mortgage.
Diane F — Jul 22, 2014
Very Professional from Start to Finish!! With little or no knowledge about the details involved in a reverse mortgage, I set out to find a company I could TRUST to help me make the best decisions on my Moms behalf of receiving a source of a supplemental income. I was referred to Larry McAnarney by a friend. I contacted Larry and he replied to my email in a timely and VERY professional manner. After speaking with him on the phone with my list of questions I felt very confident that this was the person I would be dealing with from here on out. His response time to my calls and emails was beyond excellent when it comes to customer service. I would highly recommend Larry to anyone who is looking into the possibilities of a Reverse Mortgage. I would have given Larry a SIX star rating if I could.... but, a five star will have to do for now.
Alicia F — Feb 20, 2015
Below are just a few of the Illinois cities and counties where you can obtain a reverse mortgage.
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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Illinois Residential Mortgage Licensee; Arizona Mortgage Banker License #0935256: 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; Texas Mortgage Banker Registration in-state branch office 6044 Gateway East, Suite 236, El Paso, TX 79905(branch NMLS 1244676) RMF is not licensed or registered to engage in mortgage loan origination activities in Hawaii or New York.
