Common Uses

Live more comfortably with a Home Equity Conversion Mortgage (HECM) loan. Its flexible repayment feature gives you more freedom in how you manage your monthly expenses, and you can use the funds as you choose. For example:

  •  Dramatically lower your monthly mortgage payments
  •  Consolidate auto loans and high-interest credit card debt, and reduce your bills
  •  Improve monthly cash flow
  •  Establish a standby line of credit you can tap into as needed
  •  Gain payment flexibility, for more financial control
  •  Fund large purchases like a new automobile
  •  Assist a grandchild headed off to college
  •  Fund major home renovation projects
  •  Buy a home that better suits you

Depending on your needs and plans, you have the choice of taking your funds as:

  •  A line of credit — which offers all the benefits of a traditional Home Equity Line of Credit, but with greater flexibility
  •  Monthly advances, either for a set period of time or as long as you live in your home
  •  A lump sum
  •  Or a combination of these options
  •  Plus, you can change how you receive your remaining funds at any time, if you need or want to

 With a HECM loan, commonly known as a reverse mortgage, no principal and interest payments are required until you move, pass away or sell the home, as long as you meet your loan obligations. (As with any home-secured loan, you must keep current with property-related taxes, insurance and maintenance for the loan to remain in good standing.) However, you can opt to pay down your principal and interest if and when you choose; no pre-payment penalties apply.

To learn more, contact me today.

Larry McAnarney, HECM Loan Specialist

Larry McAnarney

HECM Loan Specialist

NMLS# 21059 | 815-703-4745

Verified Reviews

(223)

Obtaining a Reverse Mortgage Larry McAnarney made the process of obtaining a reverse mortgage easy, with as little stress as possible. The only knowledge I had of reverse mortgages was negative, and it was something I wanted to avoid, but it was the only way we could stay in the home we had lived in for almost 40 years. If you have no other choice, I would highly recommend that you contact Larry to get you that information you need to get the process started.

Richard L — Mar 30, 2015

Very Attentive to our Needs I want to thank Larry for all his help during our reverse mortgage process. We were a little apprehensive, but Larry was there to answer all our questions and out our cares to rest. Larry was very attentive to our needs and answered all our calls in a timely manner. Again, we thank Larry for all his help and knowledgeable input.      

Steve & Linda S — Feb 13, 2018

Larry Provided Quick and Accurate Information Larry was great to work with. He kept us informed by telephone and returned our emails promptly. He was considerate and courteous at all times. His experience was greatly appreciated in our complex matter. He was able to provide quick and accurate information resolving the issues. We would be very happy to recommend Larry. We want to thank you again for all your hard work!!!    

Tito & Linda N — May 23, 2017

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