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.
Recommended by My Financial Planner Larry was sooo patient and guided me through the whole process. My circumstances were more complicated than usual and when I would get frustrated Larry spoke to me in a calming voice and explained that it was part of the process of obtaining approval. Thank you Larry
Sandi C — Jan 18, 2019
Nervous in the Beginning Larry was very knowledgeable about the processing of the reverse mortgage. He answered all my questions in a way that I could understand each step of the process. I was nervous in the beginning but with Larry helping me step by step in understanding the process, I became very much at ease. I would be more than happy to recommend others who would want to do a reverse mortgage. Again, thank you Larry.
Dorthie A — Feb 6, 2017
Let US Set the Pace Larry gave us his all and let US set the pace. Answered all our questions and concerns that came up. Very knowledgeable and showed true interest on our behalf. If anyone ever considers a Reverse Mortgage....call Larry! I know I'll be referring him!
Mike & Leslie H — Mar 11, 2019