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

(211)

Reverse Mortgage It was a wonderful experience dealing with Larry McAnarmy. He is a true gentleman in every since of the word. He was thorough with everything and answered all our questions. He never pressured us and was very patient. The whole process was a lot more involved than I thought it would be but it all worked out fine.

Rex M. — Sep 9, 2014

Larry was Very Knowledgeable Larry was very knowledgable and helpful...Great customer service! Closing went very smooth..

Dan R — Jan 28, 2020

Couldn't be Happier We recently closed our reverse mortgage with Larry McAnarney and couldn’t be happier. We don’t need the money, but Larry explained how we could set up a growing line of credit which could be used as possible future income, immediate liquidity, a long term care insurance hedge, and much more. We used this product as part of our retirement income planning strategy. Larry was very knowledgeable on all aspects of what we were trying to accomplish and very responsive to our needs and questions. He is highly recommended by us.

Jim & Marcia M — Jan 12, 2018