When will the principal and interest charges become due?

The loan must be paid in full when one of the following occurs:

  •  A “maturity event” — the loan becomes due and payable when the home is sold, or the borrower or qualified non-borrowing spouse no longer occupies the home as their principal residence (i.e., passes away, moves out, or vacates the property for more than 12 months) due to mental or physical illness.
  •  You fail to pay property taxes or homeowners insurance.
  •  You let the property deteriorate beyond what is considered reasonable wear and tear, and do not correct the problem.

 

Verified Reviews

(107)

My Experience Has Been Wonderful My experience with my Reverse Mortgage representative Larry McAnarney has been wonderful. Larry has been very professional & sensitive to my needs. He was completely truthful & informative with me. I will recommend Larry anytime to anyone asking me about a Reverse Mortgage. Your company is lucky & very blessed to have Larry represent you. Respectfully, Samuel Hyland.    

Sam H — Nov 13, 2019

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 Farina — Sep 15, 2020

Very Comfortable with my Decision I was a little nervous when I decided I wanted to look into a reverse mortgage. Had no idea where to begin, so went to a bank and they gave me Larry McAnarney's name. Thank goodness they did! Larry was absolutely wonderful. He was polite, answered all my questions and walked me through the process and was very patient with my questions. I then spoke with a reverse mortgage counselor who was also wonderful. She knew her business, took her time with me, answered all my questions and advised me. I was no longer nervous. I also had a notary who came and closed the reverse mortgage loan and he was very nice, took his time and walked me through the closing. All three people were very knowledgeable about reverse mortgages, both pros and cons, and I felt very comfortable with my final decision to go through the process. The entire process was not uncomfortable for me because all three had taken the time I needed for me to feel comfortable with my decision. I was very happy with the outcome and for the patience of all three individuals. Yes, I would recommend Larry McAnarney to anyone interested in a reverse mortgage.

Diane F — Jul 22, 2014

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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.

© 2020 Reverse Mortgage Funding LLC, 1455 Broad St., 2nd Floor, Bloomfield, NJ 07003, 1-888-494-0882. Legal approval #L976-Exp042018, Company NMLS ID # 1019941. For licensing information go to www.nmlsconsumeraccess.org/?EntityDetails.aspx/?COMPANY/1019941. For California consumers: For information about our privacy practices, please visit www.reversefunding.com/privacy . Not all products are available in all states. Terms subject to change without notice. Certain conditions and fees apply. This is not a loan commitment. All loans subject to approval. For more information about Larry McAnarney go to https://local.reversefacts.com/larry-mcanarney-d5f3b06e35a1
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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.