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 Recommended to Me Larry McAnarney was recommended to me by a mortgage banker at Evanston Community Bank. When I called Larry, he was very helpful and insightful to set me in the direction in filling out all the documents needed to process the reverse mortgage. If anyone needs help in getting a reverse mortgage, Larry is the person to use

Mike & Gail M — Jan 19, 2022

Larry was great at explaining the procedure Larry was great at explaining the procedure. Kept me up to date on what was happening next and answered all my questions quickly. Would recommend him to anyone looking for same solution

Susan G — Jul 16, 2022

HIGHLY Recommend Larry I had the pleasure of working with Larry McAnarney for a reverse mortgage for my mother. My mom wanted to stay in her home for her senior years and needed to do the reverse mortgage for the 24/7 in home care that was needed. I received Larry's name and contact information from a small-town bank near my mom's house. Knowing nothing about reverse mortgages, I knew I needed an expert and someone that would be patient, helpful, and willing to share all his knowledge. I found all of that, and more, in Larry. Every phone conversation, zoom call, and email from Larry was filled with valuable information that helped me, my mom, and my siblings through the entire reverse mortgage process. I felt like he was "holding my hand" as the process moved forward and that he always had my mom's best interests in mind. Larry is a very caring and compassionate person, and I could genuinely feel his desire to truly help our family. I never felt afraid, unsure, or concerned. Larry was always available to talk or text and he quickly replied to e-mails (even when I sent them in the middle of the night) The paperwork and forms he provided were very organized and detailed and I appreciated that Larry took the time to carefully explain all of the information. I have nothing but positive things to say about Larry. When the mortgage was approved and closed, I remember thinking "I'm going to miss Larry." Good people like Larry are hard to find.

Doreen S — Mar 13, 2021