Illinois Reverse Mortgage Information
Welcome to the Illinois Reverse Mortgage Information Center
Larry McAnarney is your Illinois licensed Reverse Mortgage Specialist
From Chicago’s iconic skyline to the quiet farmlands of Springfield, Illinois offers the perfect setting for retirees who value comfort, community, and Midwestern charm. Since 1999, Larry McAnarney, a leading Illinois reverse mortgage specialist, has helped homeowners across the Prairie State discover the financial security a reverse mortgage can provide.
Based in Lombard and proudly partnered with Mutual of Omaha Reverse Mortgage, Larry combines local insight with trusted national resources to guide seniors through every step of the process. His deep knowledge of Illinois mortgage and real estate laws, including the state’s Homestead Exemption, ensure that your plan is both smart and secure.
Whether you’re looking to supplement retirement income, reduce monthly expenses, or simply enjoy more of what you love—like relaxing summers along Lake Michigan or cheering on the Cubs—Larry McAnarney is your experienced partner in turning home equity into peace of mind.
Please contact Larry for additional details and program offerings. Contact us if you would like to know how much money is available to you or request a reverse mortgage quote and fill out the appropriate information.
Contact LarryWhat is a reverse mortgage?
A Home Equity Conversion Mortgage, or HECM, is a flexible financial product designed for homeowners aged 62 and older. The loan is insured by the Federal Housing Administration (FHA) so that borrowers will not owe more than the value of the home at maturity. With a HECM, also known as a reverse mortgage, you can convert some of the equity in your home into cash to meet financial goals, such as supplementing retirement income, buying a new home, maintaining a quality lifestyle, or preparing for a more secure and rewarding financial future.
All that happens all without giving up ownership or control of your home and without having to make monthly mortgage payments. Of course, as homeowners, you are responsible for occupying the home as your primary residence, keeping up with property maintenance, and staying current on paying property taxes, required insurance and any homeowners’ fees.
Instead of repaying the loan in monthly installments, you or your estate repay the principal, accrued fees and interest when you no longer live in the home.
When it comes to getting your payment, you determine how you’d like to receive your funds based on your individual financial needs and objectives. For example:
- A monthly payment will supplement your income each month.
- A lump sum will provide your available funds at once, subject to initial disbursement limits.
- A line of credit will allow you to withdraw cash as you need it.
- Any combination of the above will give you the added value of flexibility to meet your personal financial requirements.
