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.
Read MoreA HECM is a reverse mortgage loan that's insured by the Federal Housing Administration (FHA).
Read MoreYou’ll repay the loan balance, any fees that have been added, and the accrued interest. Homeowners (or their heirs) usually…
Read MoreUse the proceeds for the things you need and want. For example: refinancing your existing mortgage(s) to improve cash flow; consolidating…
Read MoreThe funds from a reverse mortgage generally do not affect regular Social Security or Medicare benefits. However, needs-based benefits, such as Medicaid…
Read MoreA 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 MoreA 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 MoreTypically, reverse mortgage loan funds are not subject to income tax. Contact your tax advisor for additional details.
Read MoreYes. 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 MoreThe 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…
Read MoreVerified Reviews
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Larry was Always Available 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.
Jim & Judy L — Oct 12, 2021
Reverse Mortgage Purchase Program Larry was a great help in helping my mother purchase her new home using the reverse mortgage purchase program. Part of my mother's income comes from French pensions and needed additional verification/proof which was not easy - but Larry was readily available to help simplify the process and explain the details. I would definitely recommend using Larry for anyone looking into getting a reverse mortgage. He is straightforward and trustworthy. Thanks again!
Olivier D — Mar 14, 2018
Very Comfortable with my Decision I was a little nervous when I decided I wanted to look into a reverse mortgage. Had no idea where to begin, so went to a bank and they gave me Larry McAnarney's name. Thank goodness they did! Larry was absolutely wonderful. He was polite, answered all my questions and walked me through the process and was very patient with my questions. I then spoke with a reverse mortgage counselor who was also wonderful. She knew her business, took her time with me, answered all my questions and advised me. I was no longer nervous. I also had a notary who came and closed the reverse mortgage loan and he was very nice, took his time and walked me through the closing. All three people were very knowledgeable about reverse mortgages, both pros and cons, and I felt very comfortable with my final decision to go through the process. The entire process was not uncomfortable for me because all three had taken the time I needed for me to feel comfortable with my decision. I was very happy with the outcome and for the patience of all three individuals. Yes, I would recommend Larry McAnarney to anyone interested in a reverse mortgage.
Diane F — Jul 22, 2014