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

(219)

Larry is Very Professional Larry is very Professional, Knowledgeable and highly organized. He handled the entire process to our complete satisfaction. We would definitely recommend him to our family and friends.

Mike & Marie H — Dec 23, 2019

Larry was Very Helpful and Understanding Larry was very helpful throughout the whole thing. He made understanding the terms simple.

Paul L — Jan 11, 2024

Professional and Kind I contacted Larry McAnarney and my questions were all answered in a professional and kind manner. I was very impressed and satisfied with his responses. I will refer him to anyone that needs their service.

Linda M — Aug 24, 2021