Larry McAnarney
815-703-4745

Reverse Mortgage Frequently Asked Questions

You’ll find the answers to many common reverse mortgage questions here. Need to know more? Contact Us today. We’re happy to help.

Reverse Mortgage Frequently Asked Questions

Yes, refinancing is possible. This option may be to your advantage if your home increases in value, making more funds available.

A HECM is a reverse mortgage loan that's insured by the Federal Housing Administration (FHA).

You’ll repay the loan balance, any fees that have been added, and the accrued interest. Homeowners (or their heirs) usually…

Use the proceeds for the things you need and want. For example: refinancing your existing mortgage(s) to improve cash flow; consolidating…

The funds from a reverse mortgage generally do not affect regular Social Security or Medicare benefits. However, needs-based benefits, such as Medicaid…

Reverse mortgages are available with either fixed or variable rates. Borrowers who elect a fixed-rate…

A reverse mortgage is a home-secured loan that’s exclusively for homeowners and homebuyers age 62 and older. It allows borrowers to convert some of…

You have a number of choices for how you receive your funds:

Lump sum
Monthly…

A reverse mortgage offers certain advantages:

With a traditional home equity loan or home equity line of credit, you…

With the exception of a fee for government-required reverse mortgage counseling, most of the fees associated with a reverse mortgage can be financed…

The specific amount depends on several factors, including:

Your…

Typically, reverse mortgage loan funds are not subject to income tax. Contact your tax advisor for additional details.

Yes. For many homeowners age 62 and older who are looking to refinance their mortgage(s) or consolidate debt to reduce their monthly bills, a reverse…

The loan must be paid in full when one of the following occurs:

A “maturity event” —…

The other borrower continues to own and live in the home — and enjoy all the benefits of their reverse mortgage.

To be eligible for a reverse mortgage, you’ll need to meet the requirements set by the federal government:

Yes, with the HECM (Home Equity Conversion Mortgage) for Purchase loan, qualified borrowers can use their loan proceeds…

Larry McAnarney

HECM Loan Specialist

NMLS# 21059 | 815-703-4745

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Verified Reviews

(212)

Professional, Thorough, and Patient My husband and I found Larry McAnarney professional, thorough, and patient with our many questions. We found his detail unfailing and appreciated his rapid, meticulous responses and on-time arrivals in the most challenging weather

Daniel & Lisa W — Mar 1, 2019

Step by step help along the way Larry McAnarney was recommended to me. Fortunately, I was able to contact him to assist me in securing a reverse mortgage. He talked to me in terms that I could understand which made my steps possible. He politely and patiently answered my questions and proposed some himself. There was always an update from him on progress or what I should be expecting. To have a person that is comfortable to have a conversation with is important to me. I felt that any question or comment I had was going to be received in a friendly and business like manner. After all the paper work was finished and the reverse mortgage was secured, he still phoned to check if I had questions. I have already recommended him to people who are retirement age, or to their families, in case this could be of assistance to their parents. Obviously, I have a high opinion of my experience.

Deanne R — Mar 31, 2015

Very Comfortable with my Decision I was a little nervous when I decided I wanted to look into a reverse mortgage. Had no idea where to begin, so went to a bank and they gave me Larry McAnarney's name. Thank goodness they did! Larry was absolutely wonderful. He was polite, answered all my questions and walked me through the process and was very patient with my questions. I then spoke with a reverse mortgage counselor who was also wonderful. She knew her business, took her time with me, answered all my questions and advised me. I was no longer nervous. I also had a notary who came and closed the reverse mortgage loan and he was very nice, took his time and walked me through the closing. All three people were very knowledgeable about reverse mortgages, both pros and cons, and I felt very comfortable with my final decision to go through the process. The entire process was not uncomfortable for me because all three had taken the time I needed for me to feel comfortable with my decision. I was very happy with the outcome and for the patience of all three individuals. Yes, I would recommend Larry McAnarney to anyone interested in a reverse mortgage.

Diane F — Jul 22, 2014

Reverse Mortgage Frequently Asked Questions