Larry McAnarney
815-703-4745

What is a reverse mortgage?

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 the equity in their home into income-tax-free funds. (Not tax advice, consult a tax professional.) There are different loan products to choose from that offer you options on what interest rate you are charged, how much money you can access, and how you receive your payments. Unlike a regular “forward” mortgage or traditional home equity loan or home equity line of credit, there are no monthly principal and interest payments as long as at least one of the borrowers lives in the home as their primary residence. As with any mortgage, in order for the loan to remain in good standing, the borrower must also keep up with property-related taxes, insurance and upkeep.

Verified Reviews

(224)

A Pleasure to Work With Larry was a pleasure to work with. He was very knowledgeable, pleasant, and patient with our endless questions and phone calls. He kept us updated with the next steps both by email and phone as well as providing us with a packet of information which helped us understand the reverse mortgage process. We would certainly recommend him to anyone considering a reverse mortgage

Bud & Betty C — Dec 5, 2018

One of the Best When I started this process, I had no idea what was involved. Without Larry’s guidance and expertise, I don't think the result would have been as successful. Of all the people I've dealt with over the years, Larry is one of the best. He is the consummate professional and 5 stars just aren't enough.

Lee M — Mar 7, 2022

Top Notch, Very Professional When I was referred to Larry my experience with him was just wonderful. He was available for all my questions and had all the answers. He explained everything in detail and said it in terminology that was very easy to understand. From the initial information about a reverse mortgage to giving advice about the house inspection. If anyone would ask me about a reverse mortgage I would not hesitate to give them your name Larry.

Roberta M — Jul 24, 2015