Michigan Reverse Mortgage Information
Welcome to the Michigan Reverse Mortgage Information Center
Larry McAnarney is your Michigan licensed Reverse Mortgage Specialist
Along Michigan’s Great Lakes shores, where Detroit’s revival and Traverse City’s cherry blossoms enchant retirees with freshwater beauty and four-season charm, Larry McAnarney stands as the elite reverse mortgage specialist, his decades of service since 1999 demystifying options to harness your Mitten State’s waterfront or urban equity for enduring comfort. Affiliated with Mutual of Omaha Reverse Mortgage, Larry navigates Michigan’s riparian rights complexities and harsh winter preparations with finesse, delivering tailored reverse mortgages that empower Mackinac Island ferry rides or Lions game outings, all while anchoring your legacy in the Great Lakes State.
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.
