You’ll find the answers to many common reverse mortgage questions here. Need to know more? Contact Us today. We’re happy to help.
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 Top
A HECM is a reverse mortgage loan that's insured by the Federal Housing Administration (FHA).Read More Back to Top
You’ll repay the loan balance, any fees that have been added, and the accrued interest. Homeowners (or their heirs) usually…Read More Back to Top
Use the proceeds for the things you need and want. For example: refinancing your existing mortgage(s) to improve cash flow; consolidating…Read More Back to Top
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 Back to Top
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 Back to Top
You have a number of choices for how you receive your funds:
A 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 Top
The 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 Top
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 Back to Top
The 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.
Read More Back to Top
To be eligible for a reverse mortgage, you’ll need to meet the requirements set by the federal government:
Thank You, Larry! Larry McAnarney is our reverse mortgage loan specialist. He did an excellent job of explaining the reverse mortgage programs, the process, requirements, how the monies would be accessed if approved. He followed up with me multiple times before I made the decision to proceed which I really appreciated. He assisted me in wading through all of the requirements in the application process. He was always available for a question either by email or phone. He was always encouraging and optimistic about our chances for success. He was helpful and very clear as to all the documents I needed to prepare and always allowed me a reasonable amount of time to comply. As our house is in trust there were further "hoops to jump through." Larry truly went above and beyond the call of duty on our behalf with the underwriters. I have no doubt that his extra hard work won the approval of our reverse mortgage. I couldn't recommend him more highly. He has my thanks!
Jacquelyn W — May 6, 2015
Many Thanks! We were hesitant about a reverse mortgage but our financial planner referred Larry McAnarney to us. So glad he did! Larry is very personable and professional. He explained everything to us and made sure we completely understood it all. Anyone would surely benefit by having Larry to consult with on a reverse mortgage. Larry, many thanks for all your help and peace of mind! Many Thanks!
Lee & Jeanette P — Aug 17, 2017
I Give Larry 10 Stars! We looked at the reverse mortgage as a way to help increase our monthly income. We initially looked at selling our home but decided we really wanted to stay in our home. We were given Larry’s name by a Realtor and the rest is history. There were challenges that needed to be overcome, but Larry helped us through everything. I would recommend him to anyone. I give him 10 Stars!!
Tim & Carol M — Mar 5, 2019