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

(104)

Reverse Mortgage Made Easy! From the start, Larry McAnarney was supportive, helpful, patient and explained everything in a way I could understand. He was always responsive to my calls and emails, and made sure that the process stayed on track. It was a real pleasure doing business with Larry, and I recommend him highly -- especially for taking the mysteries out of what could be a confusing and complex process, and just putting your mind at ease.

Laura M — Jul 24, 2015

Larry Organized Everything After we decided to do a reverse mortgage and some long searching, we found Reverse Mortgage Funding. We called Larry and he responded quickly and came to our house, answered all questions we had, that was it, Larry took over from there organizing everything. For us it took a very short time from 1st visit to closing. Looking to do a Reverse Mortgage, call Larry McAnarney First.      

Geaorge & Angela M — Mar 27, 2019

My Financial Advisor Recommended Larry My financial advisor recommended I contact Larry about reverse mortgage options. I live in a condominium so there were some extra hurdles Larry had to go through to get the association approved. He always stayed in touch with me and answered all my questions. I don’t know what I would have done without both Larry and the Equity Elite Reverse Mortgage.

Mary Lou L — Jan 11, 2019

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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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