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

(55)

Reverse Mortgage Made Easy! From the start, Larry McAnarney was supportive, helpful, patient and explained everything in a way I could understand. He was always responsive to my calls and emails, and made sure that the process stayed on track. It was a real pleasure doing business with Larry, and I recommend him highly -- especially for taking the mysteries out of what could be a confusing and complex process, and just putting your mind at ease.

Laura M — Jul 24, 2015

Very Thoughtful and Professional Larry is a very thoughtful and professional person. He carefully and with great patience took me through the process and gained my respect and trust. Always available and always following up, without the sales push and aggressiveness of other companies I talked with. Great person to work with and I highly recommend him      

Javier I — Nov 13, 2017

Personal comfort and re-assurance My representative was Larry McAnarny, who was very concerned that I understood everything necessary to apply for a reverse mortgage. He was there for me the whole step of the way to advise me or help me make a decision. Larry gave me the good and bad specifics and I had to make all the decisions. Regardless of how unimportant I thought my questions were, or how often I contacted,Larry, he assured me that they were valid, and gave me his time to clarify and answer my questions. I am happy and feel very secure and comfortable with the counseling I received I HIGHLY recommend Larry with 10+ rating from me.

Janet H — Jul 26, 2016

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This material has not been reviewed, approved or issued by HUD, FHA or any government agency. The company is not affiliated with or acting on behalf of or at the direction of HUD/FHA or any other government agency.

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Illinois Residential Mortgage Licensee; Arizona Mortgage Banker License #0935256: Georgia Residential Mortgage Licensee No. 36793; Originator License No. 40299; Kansas Originator License LO.0001032; Licensed by the New Jersey Department of Banking and Insurance; Texas Mortgage Banker Registration in-state branch office 6044 Gateway East, Suite 236, El Paso, TX 79905(branch NMLS 1244676) RMF is not licensed or registered to engage in mortgage loan origination activities in Hawaii or New York.