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

(229)

Just like your best friend Larry made the whole process as if it was going to your favorite store. No pain he took it out of the process and was so very helpful. We started with a competitive company and the could get their act together we by chance came to Larry wish we would have started with him. Thank you Larry for a job well done.

Simon M. — Nov 26, 2022

Larry McAnarney assisted with a reverse mortgage for my elderly Mother Larry McAnarney assisted with a reverse mortgage for my elderly Mother. Larry was always quick to respond to my questions and emails and even presented to the condo board where my Mother lives for the reverse mortgage program. The process of closing and signing the papers went without any issues. We could never have been able to help my Mother if weren't for Larry's help and expertise. He is very knowledgeable and experienced in this field. I do not hesitate to recommend Larry to anyone looking for a reverse mortgage.

Terri F — Jan 6, 2021

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