Naperville, IL Reverse Mortgages

Naperville Reverse Mortgages, Naperville, IL. 60540, 60563, 60564, 60565, 60566, 60567

Welcome to the Naperville, Illinois Reverse Mortgage Information Center

Larry McAnarney is your Naperville 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, HECM Loan Specialist

Larry McAnarney

HECM Loan Specialist

NMLS# 21059 | 815-703-4745

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.

 

Reverse Mortgage Frequently Asked Questions

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…

Read More

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

You have a number of choices for how you receive your funds:

  • Lump sum
  • Monthly…
Read More

A reverse mortgage offers certain advantages:

  • With a traditional home equity loan or home equity line of credit, you…
Read More

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

The specific amount depends on several factors, including:

  • Your…
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 loan must be paid in full when one of the following occurs:

  •  A “maturity event” —…
Read More

The other borrower continues to own and live in the home — and enjoy all the benefits of their reverse mortgage.

Read More

To be eligible for a reverse mortgage, you’ll need to meet the requirements set by the federal government:

Read More

Yes, with the HECM (Home Equity Conversion Mortgage) for Purchase loan, qualified borrowers can use their loan proceeds…

Read More

Verified Reviews

(211)

Obtaining a Reverse Mortgage Larry McAnarney made the process of obtaining a reverse mortgage easy, with as little stress as possible. The only knowledge I had of reverse mortgages was negative, and it was something I wanted to avoid, but it was the only way we could stay in the home we had lived in for almost 40 years. If you have no other choice, I would highly recommend that you contact Larry to get you that information you need to get the process started.

Richard L — Mar 30, 2015

Always Courteous and Responded Timely Larry was recommended by my financial planner. He was always courteous and responded timely. He went to great lengths to make sure I understood the process allowing me to make an informed decision on the plan that would work best for me. He also attended the closing to make sure I wasn't alone. I would recommend Larry to anyone seeking help with a reverse mortgage. Lynn M    

Lynn M — Aug 26, 2016

Took Time to Explain Each Step Larry was very helpful and took time to explain each step and answer our many questions we had during the process. I would recommend him to my friends if they needed someone in his field. THANK YOU LARRY !!!      

Phil & Georgia C — Dec 10, 2018

Read More Reviews