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

(213)

Very Professional from Start to Finish!! With little or no knowledge about the details involved in a reverse mortgage, I set out to find a company I could TRUST to help me make the best decisions on my Moms behalf of receiving a source of a supplemental income. I was referred to Larry McAnarney by a friend. I contacted Larry and he replied to my email in a timely and VERY professional manner. After speaking with him on the phone with my list of questions I felt very confident that this was the person I would be dealing with from here on out. His response time to my calls and emails was beyond excellent when it comes to customer service. I would highly recommend Larry to anyone who is looking into the possibilities of a Reverse Mortgage. I would have given Larry a SIX star rating if I could.... but, a five star will have to do for now.

Alicia F — Feb 20, 2015

Professional, Knowledgeable, Responsive Larry was terrific. Very professional, knowledgeable and responsive.

John & Carol L — Oct 27, 2016

Professional and Knowledgeable I found Larry to be very professional and knowledgeable. What I like best is his ability to keep me updated almost on a daily basis. I have enjoyed working with Larry and would highly recommend him to others.

Anice F — Sep 25, 2019