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.

Yes, refinancing is possible. This option may be to your advantage if your home increases in value, making more funds available.

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

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

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

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Reverse mortgages are available with either fixed or variable rates. Borrowers who elect a fixed-rate…

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

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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…

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

  • Lump sum
  • Monthly…
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A reverse mortgage offers certain advantages:

  • With a traditional home equity loan or home equity line of credit, you…
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The specific amount depends on several factors, including:

  • Your…
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With the exception of a fee for government-required reverse mortgage counseling, most of the fees associated with a reverse mortgage can be financed…

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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…

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

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

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

  •  A “maturity event” —…
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To be eligible for a reverse mortgage, you’ll need to meet the requirements set by the federal government:

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

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Verified Reviews

(195)

Reverse Mortgage It was a wonderful experience dealing with Larry McAnarmy. He is a true gentleman in every since of the word. He was thorough with everything and answered all our questions. He never pressured us and was very patient. The whole process was a lot more involved than I thought it would be but it all worked out fine.

Rex M. — Sep 9, 2014

We Felt Very Secure Larry was very professional. We had many questions. He took the time to answer each one and a few more than once. We felt very secure we were making the correct choice for us. Thank you Larry Dave B    

Dave B — Aug 31, 2016

We were really unsure about doing a reverse mortgage We were really unsure about doing this type of loan, but Larry helped us through it and even though it seemed to take a long time, because of all the paperwork and the need for looking up files for them. But Larry kept us informed all along the way and assured us we were doing things correctly! Thanks, Larry, for all your help!

Erwin & Sharon H — Jul 14, 2022

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