Larry McAnarney
815-703-4745

What is a reverse mortgage?

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 the equity in their home into income-tax-free funds. (Not tax advice, consult a tax professional.) There are different loan products to choose from that offer you options on what interest rate you are charged, how much money you can access, and how you receive your payments. Unlike a regular “forward” mortgage or traditional home equity loan or home equity line of credit, there are no monthly principal and interest payments as long as at least one of the borrowers lives in the home as their primary residence. As with any mortgage, in order for the loan to remain in good standing, the borrower must also keep up with property-related taxes, insurance and upkeep.

Verified Reviews

(219)

Quick Response I had questions about reverse mortgages and how they worked. Larry called and explained everything to us very well. He was quick responding back when I contacted him about some concerns I had while I was deciding to go ahead or not. I would recommend him to others, very polite and helpful. Was a pleasure working with him.

Gloria M — Apr 9, 2014

Larry Was Outstanding & Patient Larry was outstanding and patient in his help. Over the phone, he took me page by page in filling out the forms, a task that otherwise would have been daunting. He answered all my questions with kindness and courtesy. He made the reverse mortgage happen. I could not have done it without his help. He is the best!

Carol F — Jan 26, 2024

Extremely Helpful Larry was extremely helpful throughout the process of my parents’ reverse mortgage. His professional and friendly service made it easier for us to get through what could have been a very laborious ordeal. Communication was easy with him as he was always easy to contact and was very prompt with his responses. I would definitely recommend Larry for reverse mortgage services.

Jessica M — Sep 5, 2024