Larry McAnarney
815-703-4745

What are the basic requirements for a reverse mortgage?

To be eligible for a reverse mortgage, you’ll need to meet the requirements set by the federal government:

All borrowers must be age 62 or older (this applies to all co-owners listed on the home’s title).
The home must be your principal residence. And it must meet standards set by the United States Department of Housing and Urban Development (HUD) on property type and condition. You may be able to use your reverse mortgage to pay for any required repairs in order to meet these standards.
Eligible property types include single-family homes, 2- to 4-unit properties, manufactured homes meeting certain criteria, condominiums that are approved by the Federal Housing Administration (FHA), and townhouses. Co-ops do not qualify.

Verified Reviews

(233)

Great Service, Larry Had My Back Larry McAnarney was not only thoroughly knowledgeable and professional, but he was also a kind and patient guide as I navigated the entire Reverse Mortgage process. He always answered all my questions, either via phone, text, or email, promptly. Every step of the way, I felt that Larry had my back. For example, he gave me excellent advice on what to expect during the appraisal and thorough information about the closing process. He also was very clear and concise when it came to explaining the whole structure of my Reverse Mortgage. Throughout the Reverse Mortgage process, I felt that I was dealing with someone of the highest honesty and integrity. I highly recommend Larry McAnarney to anyone seeking to obtain a Reverse Mortgage.

Mary M — Jan 13, 2023

We Were Nervous About Reverse Mortgages… We were nervous about reverse mortgages, not knowing what to expect. So glad we got to work with Larry McAnarney. He put to rest all our concerns and dealt with our numerous questions with patience and tons of knowledge. Would gladly recommend him.

Anna G — May 12, 2022

Larry Went Above and Beyond Larry was very professional, knowledgeable, honest and helpful. No complaints at all. We highly recommend him if you are considering a reverse mortgage. He went above and beyond

Joyce H — Sep 24, 2019