Larry McAnarney
815-703-4745

Buying a Home

Home Equity Conversion Mortgage for Purchase (H4P)

Did you know there’s a financing option specifically for homebuyers who are age 62 and older, which can help you get the funds you need to buy the home you want?

How does it work?

With H4P, you can purchase a home by combining a one-time investment of your own funds (down payment) with loan proceeds from a Home Equity Conversion Mortgage (HECM) to complete the transaction. As with a traditional “forward”mortgage, the home you are purchasing secures the loan.

However, unlike a traditional mortgage, monthly mortgage payments are optional, which can help increase your cash flow. You own the home as long as you live in it. The loan does not have to be repaid until you sell the home or no longer live there as your primary residence. In order for the loan to remain in good standing, you must meet certain home ownership obligations — which include maintaining the property, and keeping current with property-related taxes and insurance payments.

The cash required (down payment) typically ranges from 29% to 65%, depending on your age. (The older you are, the more reverse mortgage proceeds you can receive.) This down payment range assumes closing costs will be financed into the loan.

To learn more, contact me today to get your free Home Buyer’s Guide.

Larry McAnarney

HECM Loan Specialist

NMLS# 21059 | 815-703-4745

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Verified Reviews

(224)

Much appreciated blend of professionalism and cordialit Larry was a much appreciated blend of professionalism and cordiality. He was very thorough in the coverage of reverse mortgage issues and explained them with great clarity and patience. It was a good experience with a complicated matter.

Jeff R — Mar 17, 2016

Larry is the Reason We Chose to Proceed Larry McAnarney is the reason we chose to proceed with a reverse mortgage. I had spoken to several individuals with other companies, always feeling after lengthy conversations we were being pressured. After Larry took the time and patience to explain the entire process and had the professional ability to access our financial situation, we knew we could trust and rely on his assistance. Our understanding of the process prior to Larry, was uninformed. We were not pressured in any way and truly feel had a reverse mortgage not been a benefit to us, Larry would have advised us to not pursue a reverse mortgage, even if it meant loosing a client. Larry is a kind, caring and ( very very patient) man. Thank you Larry!

Larry & Joy B — Feb 14, 2020

Incredibly Patient: Larry was incredibly patient with my mother as we worked through the reverse mortgage process. He was great at keeping us updated and he took the initiative to work through an issue allowing a better result. I would recommend Larry 100%.

Renee O — Mar 26, 2025