Larry McAnarney
815-703-4745

Understanding Reverse Mortgages

If you have been asking yourself the question "What is a reverse mortgage?" you are not alone. There has been more and more talk about this unique loan product lately, and more and more people obtaining reverse mortgages.

Understanding Reverse Mortgages

What is a Reverse Mortgage? A Reverse Mortgage is a loan product created by the Department of Housing and Urban Development (HUD) in the late 1980's to allow Senior Citizens to retire more comfortably by borrowing the equity in their homes. At it's most basic definition, it's a type of home loan where the lender pays you, instead of you paying the lender. This is the main difference between the reverse mortgage and the traditional mortgage and is the reason that it has become known as the "Reverse" mortgage. The most popular reverse mortgage is the Home Equity Conversion Mortgage, or HECM. HECM Loans are administered and insured by the FHA (Federal Housing Administration) and it's completely safe.

Basic reverse mortgage requirements are:

>> Borrowers must be Age 62 years or older
>> Own their home and have enough equity in to qualify
>> Occupy the home as primary residence
>> Receive counseling by an approved HUD/FHA counselor

What is a Reverse Mortgage? It may just be the answer to your financial woes. Please read on. The best feature of a reverse mortgage is that the loan proceeds DO NOT HAVE TO BE PAID BACK, so long as the borrower lives in the home. This feature makes it perfect for seniors trying to retire on a less than sufficient nest egg.

Reverse Mortgage Payment Options

>> Lump Sum Disbursement
>> Monthly Payments
>> Line of Credit
>> A combination of the Above

For more information on what a reverse mortgage is, and other details, you may visit the page How does a Reverse Mortgage Work?. You are always welcome to Contact Us and we will help you find out if a reverse mortgage is right for you.

Verified Reviews

(224)

Larry McAnarney assisted with a reverse mortgage for my elderly Mother Larry McAnarney assisted with a reverse mortgage for my elderly Mother. Larry was always quick to respond to my questions and emails and even presented to the condo board where my Mother lives for the reverse mortgage program. The process of closing and signing the papers went without any issues. We could never have been able to help my Mother if weren't for Larry's help and expertise. He is very knowledgeable and experienced in this field. I do not hesitate to recommend Larry to anyone looking for a reverse mortgage.

Terri F — Jan 6, 2021

Larry was Simply Excellent to Work With Larry McAnarney was simply excellent to work with, providing complete information on the details and process of a reverse mortgage understandably, patiently and with evident knowledge and experience. Larry was available for questions throughout the process, always responding in a timely and courteous manner. Overall Larry offered an outstanding customer experience

George & Kaori F — Sep 15, 2020

Very Easy to Talk To Larry, you are the best !!!!!!! in our book. Very knowledgeable about the "Reverse Mortgage" and always talked at a level that we could understand. Very easy to talk to and always returned calls ASAP. We would recommend YOU to all our friends.

Al & Sherry K — May 28, 2024