Larry McAnarney
815-703-4745

Reverse Mortgage Frequently Asked Questions

You’ll find the answers to many common reverse mortgage questions here. Need to know more? Contact Us today. We’re happy to help.

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.

A HECM is a reverse mortgage loan that's insured by the Federal Housing Administration (FHA).

You’ll repay the loan balance, any fees that have been added, and the accrued interest. Homeowners (or their heirs) usually…

Use the proceeds for the things you need and want. For example: refinancing your existing mortgage(s) to improve cash flow; consolidating…

The funds from a reverse mortgage generally do not affect regular Social Security or Medicare benefits. However, needs-based benefits, such as Medicaid…

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…

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

Lump sum
Monthly…

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…

The specific amount depends on several factors, including:

Your…

Typically, reverse mortgage loan funds are not subject to income tax. Contact your tax advisor for additional details.

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…

The loan must be paid in full when one of the following occurs:

A “maturity event” —…

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…

Larry McAnarney

HECM Loan Specialist

NMLS# 21059 | 815-703-4745

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Verified Reviews

(224)

Just like your best friend Larry made the whole process as if it was going to your favorite store. No pain he took it out of the process and was so very helpful. We started with a competitive company and the could get their act together we by chance came to Larry wish we would have started with him. Thank you Larry for a job well done.

Simon M. — Nov 26, 2022

The Customer Comes First Her I have been very happy with all of my dealings with Larry McAnarney. He has the drive needed to handle all the details in a timely manner but explain the steps and concepts in an easy to understand and gentle, laid back manner. Never a hard sell with Larry. With a plan to close the transaction before the first of the month, Larry kept the momentum going until all was settled with four days to spare. He was available for questions and advice at all times which was very beneficial because of the timetable involved. Professional and engaging. Win-Win-Win.

Valerie D — Jan 30, 2015

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

Reverse Mortgage Frequently Asked Questions