Marquette, Michigan Reverse Mortgages
Welcome to the Marquette reverse mortgage information center
Larry McAnarney is your Marquette 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.
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
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
- Co-Author, The Road to Success (Celebrity 2016), Amazon Bestseller
- Quoted in Bloomberg Businessweek (Dec 2015)
- Featured in The Reverse Review (Jan 2016)
- Member of the Society of Certified Senior Advisors since 2006
- Member of the Financial Planners Association
- Volunteer, AARP Representative Payee Program since 2009
Please Contact Us to receive reverse mortgage information from a company that's experienced and licensed in Michigan.
Basic Reverse Mortgage Requirements
- Borrowers must be age 62 years or older
- Own their home and have enough equity to qualify
- Occupy the home as primary residence
- Receive counseling by an approved HUD/FHA counselor
- The home must be in reasonably good repair
What is a reverse mortgage?
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:
- A monthly payment will supplement your income each month.
- A lump sum will provide your available funds at once, subject to initial disbursement limits.
- A line of credit will allow you to withdraw cash as you need it.
- Any combination of the above will give you the added value of flexibility to meet your personal financial requirements.
Yes, refinancing is possible. This option may be to your advantage if your home increases in value, making more funds available.Read More
A HECM is a reverse mortgage loan that's insured by the Federal Housing Administration (FHA).Read More
You’ll repay the loan balance, any fees that have been added, and the accrued interest. Homeowners (or their heirs) usually…Read More
Use the proceeds for the things you need and want. For example: refinancing your existing mortgage(s) to improve cash flow; consolidating…Read More
The funds from a reverse mortgage generally do not affect regular Social Security or Medicare benefits. However, needs-based benefits, such as Medicaid…Read More
Reverse mortgages are available with either fixed or variable rates. Borrowers who elect a fixed-rate…
A 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
A reverse mortgage offers certain advantages:
- With a traditional home equity loan or home equity line of credit, you…
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
Typically, reverse mortgage loan funds are not subject to income tax. Contact your tax advisor for additional details.Read More
Yes. For many homeowners age 62 and older who are looking to refinance their mortgage(s) or consolidate debt to reduce their monthly bills, a reverse…Read More
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:
Reverse Mortgage Specialist
NMLS ID 21059
Larry was our loan officer Larry was our loan officer. He gets a 5-star review from us. Going through this whole reverse mortgage process from beginning to end was very stressful at times. I had a million questions for Larry, and he took the time to answer and explain every question with an explanation as well. I would recommend him 100%
Bill & Julia A — Jul 27, 2022
Recommended by My Financial Planner Larry was sooo patient and guided me through the whole process. My circumstances were more complicated than usual and when I would get frustrated Larry spoke to me in a calming voice and explained that it was part of the process of obtaining approval. Thank you Larry
Sandi C — Jan 18, 2019
Larry is One of the Best I have always considered myself very comfortable financially. That is until a number of uncontrollable events occurred and most of my remaining retirement assets were in bricks. Fortunately, I met Larry a few years ago and remembered hearing about his experience and knowledge in investments, real estate and the markets in general. Having recently lost my husband I did not want to involve family in personal financial discussions, I called Larry. Larry's patience and experience in clearly explaining my options made him very easy to work with. I never felt rushed to make a decision, even after I was approved and then backed away to look at another lender. He didn't "pester" me. He left me alone to think. I came back because I knew he was looking out for my best interest. I spent my career in sales & marketing and am very familiar with selling a high-end product. Larry is one of the best. He kept the needs of his customer his primary objective. Thanks to Larry I am on my feet again.
Roberta D — Oct 21, 2021
Below are just a few of the Marquette cities and counties where you can obtain a reverse mortgage.