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

(212)

A True Pleasure to Work With Larry was very easy to work with, always took the time to explain any questions we had and was true pleasure to work with. .

Dave & Mary K — Nov 9, 2023

Larry was the easiest business person I have ever dealt with Larry was the easiest business person I have ever dealt with. He was so patient with me and took care of things that I didn’t quite understand.I would and will recommend Larry to my closest friends if they have a need. Thanks again Larry for helping me.Mavis

Mavis E — Jun 23, 2021

Larry Explained Everything Larry did a great job of explaining and guiding us through a reverse mortgage. Much more complicated than we had thought. You need a lot of help and Larry was there to provide it.

Alan & Donna C — Mar 23, 2020