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


Many Thanks! We were hesitant about a reverse mortgage but our financial planner referred Larry McAnarney to us. So glad he did! Larry is very personable and professional. He explained everything to us and made sure we completely understood it all. Anyone would surely benefit by having Larry to consult with on a reverse mortgage. Larry, many thanks for all your help and peace of mind! Many Thanks!

Lee & Jeanette P — Aug 17, 2017

Larry Was Outstanding Larry was outstanding. This is our fourth reverse mortgage and the best yet. Larry kept in contact and helped throughout the whole process. I could not be more pleased. .

Bob & Carol H — May 17, 2023

A Rocky Road Made Smooth My particular mortgage refinance was exceptionally complicated involving divorce decrees, lawyers and and settlement issues. Cutting to the chase, the situation was handled with professionalism and grace by my agent Larry McAnarney. At times when I felt like ripping my hair out, Larry was there to help each step of the way and keep the loan on track. It was a dedication far beyond what I would have expected. I'd recommend him to anyone seeking a reverse mortgage in a New York minute.

Rob M — Sep 24, 2015

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