Larry McAnarney
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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 Took a Personal Interest Larry took a personal interest in my situation. I felt that he really cared about my needs

Jerry E — Nov 4, 2019

Step by step help along the way Larry McAnarney was recommended to me. Fortunately, I was able to contact him to assist me in securing a reverse mortgage. He talked to me in terms that I could understand which made my steps possible. He politely and patiently answered my questions and proposed some himself. There was always an update from him on progress or what I should be expecting. To have a person that is comfortable to have a conversation with is important to me. I felt that any question or comment I had was going to be received in a friendly and business like manner. After all the paper work was finished and the reverse mortgage was secured, he still phoned to check if I had questions. I have already recommended him to people who are retirement age, or to their families, in case this could be of assistance to their parents. Obviously, I have a high opinion of my experience.

Deanne R — Mar 31, 2015

Initially we were a bit hesitant and unsure Initially, my husband and I were a bit hesitant and unsure of seeking a reverse mortgage. Luckily, we were referred to Larry McAnarney by our finacial advisor and he explained in detail the whole concept. Larry was very professional and answered all our questions during the process. We would not hesitate to refer anyone to use Larry as their reverse mortgage consultant.

Dick & Dawn D — Jun 23, 2016