Larry McAnarney
815-703-4745

Understanding Reverse Mortgages

If you have been asking yourself the question "What is a reverse mortgage?" you are not alone. There has been more and more talk about this unique loan product lately, and more and more people obtaining reverse mortgages.

Understanding Reverse Mortgages

What is a Reverse Mortgage? A Reverse Mortgage is a loan product created by the Department of Housing and Urban Development (HUD) in the late 1980's to allow Senior Citizens to retire more comfortably by borrowing the equity in their homes. At it's most basic definition, it's a type of home loan where the lender pays you, instead of you paying the lender. This is the main difference between the reverse mortgage and the traditional mortgage and is the reason that it has become known as the "Reverse" mortgage. The most popular reverse mortgage is the Home Equity Conversion Mortgage, or HECM. HECM Loans are administered and insured by the FHA (Federal Housing Administration) and it's completely safe.

Basic reverse mortgage requirements are:

>> Borrowers must be Age 62 years or older
>> Own their home and have enough equity in to qualify
>> Occupy the home as primary residence
>> Receive counseling by an approved HUD/FHA counselor

What is a Reverse Mortgage? It may just be the answer to your financial woes. Please read on. The best feature of a reverse mortgage is that the loan proceeds DO NOT HAVE TO BE PAID BACK, so long as the borrower lives in the home. This feature makes it perfect for seniors trying to retire on a less than sufficient nest egg.

Reverse Mortgage Payment Options

>> Lump Sum Disbursement
>> Monthly Payments
>> Line of Credit
>> A combination of the Above

For more information on what a reverse mortgage is, and other details, you may visit the page How does a Reverse Mortgage Work?. You are always welcome to Contact Us and we will help you find out if a reverse mortgage is right for you.

Verified Reviews

(229)

Larry Has Knowledge, Expertise, and Patience Larry is the best! He walked me through the process, explained all of my options, and was always available to answer my questions, I had many of them. He has the knowledge, expertise, and the patience that I required to guide me through this process. I was fortunate that he was referred to me by my financial planner, and I think that anybody else he works with will feel the same way.

Phyllis J — Jan 22, 2019

Wonderful Experience I want to join the chorus of those who had a wonderful experience working with Larry. I was pretty sure that a reverse mortgage was the right path for my wife and myself to take at this stage of our lives, but she was somewhat reluctant and unsure. Larry was able to gain her confidence, as well as my own, in the manner of his presentation of just the facts - and his genuinely kind disposition. He was, as well, a very effective ally in dealing with the title company over a matter which was quite important to us. As a recently retired sales rep myself, I was most impressed by dealing with someone who truly puts the customer first.

Ted H — Feb 22, 2016

High-Quality Service After discussing the reverse mortgage with my niece and being referred to you, I still had some hesitancy about going into the program. However, after speaking with you I became a little more at ease. With that being said, I would like to thank you for your time and expertise in processing my reverse mortgage. With your guidance during the process, you made it less overwhelming. Any questions I had you patiently answered them, so I understood. Thank you for your high-quality service.

Barbara T — Oct 24, 2024