Warren Reverse Mortgages, Loans and Lenders for Reverse Mortgage in Warren, MI.

Warren Reverse Mortgages, Loans and Lenders for Reverse Mortgage in Warren, MI.

Welcome to the Warren, Michigan Reverse Mortgage Information Center

Larry McAnarney is your Warren 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.

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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

(197)

Larry was Polite and Knowledgeable Larry was polite and knowledgeable, not pushy. He made sure I understood each step before proceeding to the next. He was always there through the entire process.    

Mary Ann B — Apr 24, 2020

Fantastic at What He Does I think that Larry McAnarney is fantastic at what he does and wonderful person in and out. I don’t know what I would have done without his help. I would recommend him to anyone looking for reverse mortgage  information.      

Dolores P — Mar 13, 2017

Very Helpful Larry McAnarney was very helpful in getting my reverse mortgage. It was a new experience for me and he never refused a call or a question and guided me where I needed to be. Very informative, friendly. I did not feel like I was being talked to as a child but more of a friend. I will recommend him to anyone who should ask.      

Elizabeth H — Jan 31, 2022

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Below are just a few of the Michigan cities and counties where you can obtain a reverse mortgage.