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 non-borrowing spouse meeting certain criteria no longer occupies the home as their principal residence (i.e., passes away, moves out, or vacates the property for more than 12 months).
  • 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

(64)

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

Initially we were a bit hesitant and unsure Initially, my husband and I were a bit hesitant and unsure of seeking a reverse mortgage. Luckily, we were referred to Larry McAnarney by our finacial advisor and he explained in detail the whole concept.  Larry was very professional and answered all our questions during the process.  We would not hesitate to refer anyone to use Larry as their reverse mortgage consultant.

Dick & Dawn D — Jun 23, 2016

This Has Been a Great Tool for Us Larry did a great job explaining the reverse mortgage process to my family. This has been a great tool for us. I highly recommend Larry for your reverse mortgage needs Brian V    

Brian V — Oct 12, 2016

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Illinois Residential Mortgage Licensee; 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.