Larry McAnarney
815-703-4745

How is a reverse mortgage different from a traditional home equity loan or line of credit?

A reverse mortgage offers certain advantages:

With a traditional home equity loan or home equity line of credit, you must make monthly principal and interest payments on the balance while you live in the home — whereas a reverse mortgage has a flexible repayment feature. You can pay as much or as little as you like each month toward principal and interest, or make no monthly loan payment at all. Your reverse mortgage balance, including accrued interest and fees, does not have to be repaid until you pass away or move out, as long as you meet your loan obligations (which includes keeping current with property-related taxes, insurance and upkeep).
If part of your loan is held in a line of credit upon which you may draw, then the unused portion of the line of credit will grow in size each month — giving you access to more available funds as time goes on. The growth rate is equal to the sum of the interest rate plus the annual mortgage insurance premium rate being charged on your loan.
And the lender cannot “freeze” or reduce the line of credit, as long as you fulfill your loan obligations — so it will be there if and when you need it.

Verified Reviews

(229)

Larry Was Excellent Larry was excellent. He introduced us to the reverse mortgage program and then helped us through all the steps, answering our questions and giving us updates on what was happening. Throughout it all, his knowledge, competence, patience and kindness made it easy for us to understand. It was a pleasure to work with him and we would recommend him to anyone.

Philip A — May 8, 2020

Pleasure Working with Larry It was a pleasure working with Larry. He explained everything just as it worked out from start to finish. I wish I had more school teachers that could explain things and work with me as well as he did. I would definitely recommend him to anyone interested a reverse mortgage. 5 stars plus

Robert R — May 17, 2017

Methodical & Patient Larry was very methodical and patient with us as we learned about reverse mortgages. Most seniors my age do need an additional moment, or so, to process and adopt a new way of looking at the equity in your home.

Bryan M — Jul 23, 2024