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.

 

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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

Great Service Larry McAnarney was great to work with. The whole process was fast and easy to understand. I had to assist my mother with this process due to my father's ailing health. I know that my dad would be very happy with the choices we made and the service that was provided to us by Larry.

Amy D — Jan 29, 2014

Larry Truly Cares About Those He Helps From our first meeting we felt at ease. Larry is definitely knowledgeable with the reverse mortgage and he helped us to understand what went on with each step of the process. He was patient, a good listener, and took his time to explain issues in a way we understood. In the end we felt confident we had made the right decision and had chosen the right person to guide us. Larry truly cares about those he helps. We so appreciate his looking out for us. Thank you, Larry.

Ron & Carol T — Feb 13, 2018

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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. RMF is a Licensed Mortgage Banker in the State of New York, but this loan originator and site are not authorized by the New York State Department of Financial Services. No mortgage solicitation activity or loan applications for properties located in the State of New York can be facilitated through this site.

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Arizona Mortgage Banker License #0927682; 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; Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act; Loans made or arranged pursuant to a California Financing Law license; Texas Mortgage Banker Registration in-state branch address 6044 Gateway East, Suite 236, El Paso, TX 79905 (Branch NMLS 1244676); Not intended for Hawaii and New York consumers.