Macon County Reverse Mortgage Expert

Welcome to the Macon County, Illinois reverse mortgage help center. Larry McAnarney is your Illinois licensed reverse mortgage expert offering reverse mortgages in Macon County and the surrounding area. Please contact Larry for additional details and program offerings. Contact Us if you would like to know how much money is available to you or request a Reverse Mortgage Quote and fill out the appropriate information.

Larry McAnarney  NMLS ID 21059         Cell Phone: 815-703-4745        Toll Free: 888-898-7121

Security 1 Lending  700 Commerce Drive Suite 500  Oak Brook, IL 60523 

Illinois Residential Mortgage Licensee #6760766

Larry McAnarney is a Certified Senior Advisor and has been originating reverse mortgage loans since 1999 and would like to earn your trust and be your resource for reverse mortgage information. He will make certain that you understand how a reverse mortgage loan works and help you determine if it’s right for you. Should you decide that the reverse mortgage is right for you, he can also help you obtain a reverse mortgage loan, walking you through the loan process step by step. 

“My goal is to educate the borrower(s) about all aspects of the reverse mortgage so they can make an informed decision whether this is the right financial vehicle at this time. All families have their own unique circumstances that have to be addressed in the process of helping them make this very important decision.” 

Larry has been conducting reverse mortgage continuing education classes for CPA’s, Certified Financial Planners, Realtors, and Life Insurance Agents for many years. In addition he has also given numerous educational seminars to elder law attorneys, college professors, and many other professionals in an effort to help them understand the dynamics of the reverse mortgage programs.

Understanding Macon County Reverse Mortgages

Please Contact Larry to receive reverse mortgage information. If you would like to know how much money is available to you please Get Quote. Below are the most common questions and answers.

A reverse mortgage is exactly what its name states. It is a mortgage in reverse. With a “regular” mortgage, you make monthly payments to the bank. With a reverse mortgage, the lender bases the amount of money they will send you based on the value (equity) of your home, your age, current interest rates, and the county in which you live. Since interest rates have been so low the time is perfect for seniors to cash in on their home equity.

More and more Macon County homeowners are remaining in their homes and using a reverse mortgage to supplement their retirement income, pay for health care expenses, make home repairs, or establish a line of credit for emergencies. To put it simply, it’s all about quality of life in the golden years. Turning your house into your pension is your reward for being frugal and paying down your mortgage, instead of burying yourself in debt.

But even though we are hearing more about reverse mortgages, some of the basic facts are often misunderstood. Let’s start with a few simple questions:

What is a Reverse Mortgage?

A reverse mortgage is a loan that enables homeowners 62 or older to convert part of the equity in their homes into tax-free income without having to sell the home, without giving up ownership and without making monthly payments. In most cases there are no credit or income qualifications, however, you must occupy the home as your principal residence.

Does the bank own your home after you get a Reverse Mortgage?

No, you own your home and retain full ownership throughout the life of the reverse mortgage. You are never forced to move and are never required to make a payment for as long as you live in the home provided you keep your homeowners insurance and property taxes current. When the last surviving spouse/owner who is on the reverse mortgage permanently leaves the property, the loan must be repaid. Generally, for a move to be considered “permanent”, you must not have lived in your home for 12 consecutive months.

Will I still have an estate that I can leave to my heirs?

Yes, the remaining equity in your home belongs to you or your heirs. When you sell your home or no longer use it for your primary residence, you or your estate will repay the cash you received from the reverse mortgage, plus interest, to the lender. None of your other assets will be affected by HUD’s reverse mortgage. The debt will never be passed along to your heirs.

Will a Reverse Mortgage affect my Social Security or Medicare benefits?

No, Social Security and Medicare benefits are not affected by a reverse mortgage, but Supplemental Security Income (SSI) and Medicaid are different. In general, loan advances do not affect SSI and Medicaid benefits if you spend them during the calendar month in which you get them. The IRS does not consider reverse mortgage loan advances to be income so the proceeds are tax free.

How much money can I get?

The amount of money you can borrow depends on your age, the current interest rate, the appraised value of your home, and the county in which you live. Generally, the more valuable your home is and the older you are, the more money you will have available. Get Quote

Does your home have to be paid off to qualify for a Reverse Mortgage?

No, even seniors with an outstanding first mortgage or home equity loan can qualify for a reverse mortgage. The proceeds from the reverse mortgage must be first used to pay off any liens on title with the remaining proceeds to be distributed to you.

Are there any restrictions on what I can do with the proceeds from a Reverse Mortgage?

No, there are virtually no restrictions. You can use the reverse mortgage proceeds to pay off bills, make home modifications, buy a car, pay medical and prescription expenses, travel, etc…

How do I receive my payments?

A reverse mortgage allows you to receive your money in several ways. The most popular is the credit line growth account. This option allows you to borrow money as you need it. You can also receive a lump sum or fixed monthly checks for the rest of your life, much like an annuity or pension. You can also receive a combination of these three options.

For additional facts you can visit the following link for answers to the most common questions: Reverse Mortgage Facts

How safe is a Reverse Mortgage?

Created in 1989 by the U.S. Department of Housing and Urban Development, HUD’s reverse mortgage program is a federally-insured private loan. The feature that distinguishes a reverse mortgage from other loans – and makes it so valuable to many senior homeowners – is that no money has to be repaid until they pass or move out of the home. HUD insures that both the homeowner and the lender will receive the benefits outlined in the reverse mortgage.

If you’re living beyond the income your retirement plan provides, a reverse mortgage can be a low-risk way for you to remain in your home for the rest of your life. If you’re like many older Americans, your home is your largest asset, and although you may be concerned at the thought of borrowing on it, your house may be the only way to increase your income. Before making any financial decisions you should check out all options available to you and choose what is best for you.

There are pros and cons, but most people agree that the Senior Reverse Mortgage is a good idea and the benefits are what they are looking for.

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

Macon County Reverse Mortgage Resources

Please Contact Larry to receive reverse mortgage information. Feel free to inquire with HUD, or the Illinois Department of Financial and Professional Regulation for more information on reverse mortgages. You may also contact “NRMLA” for more information.

Below are just a few of the Illinois cities where you can obtain a reverse mortgage.

Chicago Reverse Mortgages | Rockford Reverse Mortgages | Aurora Reverse Mortgages | Naperville Reverse Mortgages | Peoria Reverse Mortgages | Springfield Reverse Mortgages | Joliet Reverse Mortgages Elgin Reverse Mortgages | Waukegan Reverse Mortgages | Cicero Reverse Mortgages | Decatur Reverse Mortgages | Arlington Heights Reverse Mortgages | Schaumburg Reverse Mortgages | Evanston Reverse Mortgages | Champaign Reverse Mortgages | Palatine Reverse Mortgages | Bloomington Reverse Mortgages | Skokie Reverse Mortgages Des Plaines Reverse Mortgages

Cook County Reverse Mortgages | DuPage County Reverse Mortgages | Lake County Reverse Mortgages | Macon County Reverse Mortgages | Mclean County Reverse Mortgages | Peoria County Reverse Mortgages Winnebago County Reverse Mortgages

Larry McAnarney

HECM Loan Specialist

NMLS# 21059 | 815.703.4745

Contact Me Request a Quote

Macon County Reverse Mortgage Frequently Asked Questions

Can I use a reverse mortgage to purchase a home?

Yes, with the HECM (Home Equity Conversion Mortgage) for Purchase loan, qualified borrowers can use their loan proceeds to buy a home that better suits their needs and lifestyle. It’s a home financing option that can make it easier for buyers age 62 and older to afford the home they want, while preserving more of ... Read more

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 ... Read more

What if one of the co-borrowers passes away or must move out for health reasons?

The other borrower continues to own and live in the home — and enjoy all the benefits of their reverse mortgage.  

When will the principal and interest charges become due?

The loan must be paid in full when one of the following occurs:  A “maturity event” — the loan becomes due and payable when the home is sold, or the borrower or qualified non-borrowing spouse no longer occupies the home as their principal residence (i.e., passes away, moves out, or vacates the property for more ... Read more

Can I refinance my existing mortgage, home equity loan, or other debts with a reverse mortgage?

Yes. For many homeowners age 62 and older who are looking to refinance their mortgage(s) or consolidate debt to reduce their monthly bills, a reverse mortgage can be a more suitable solution. That’s because a reverse mortgage has a flexible repayment feature, which puts you in control of how much you pay towards principal and ... Read more

Will I be taxed on my reverse mortgage proceeds?

Typically, reverse mortgage loan funds are not subject to income tax. Contact your tax advisor for additional details.

How much money can I get?

The specific amount depends on several factors, including: Your age The type of reverse mortgage you select Current interest rates Appraised value of your home Federal Housing Administration (FHA) lending limits HUD also regulates the amount of money that can be withdrawn during the first year of your reverse mortgage. This is to help preserve ... Read more

Will I have to pay any fees?

With the exception of a fee for government-required reverse mortgage counseling, most of the fees associated with a reverse mortgage can be financed with your loan, so there’s no immediate out-of-pocket cost. The costs are added to the loan amount (“principal”) and paid along with the accrued interest when the loan becomes due. Depending on ... Read more

How is a reverse mortgage different from a traditional home equity loan or line of credit?

A reverse mortgage offers certain advantages: With a traditional home equity loan or home equity line of credit, you must make monthly principal and interest payments on the balance while you live in the home — whereas a reverse mortgage has a flexible repayment feature. You can pay as much or as little as you ... Read more

How can I receive the funds from a reverse mortgage?

You have a number of choices for how you receive your funds: Lump sum Monthly advances (either for a fixed length of time, or as long as you live in the home) Line of credit (take funds when you need them) — this has become the most popular option Or a combination of the above

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 ... Read more

Are interest rates fixed or variable?

Reverse mortgages are available with either fixed or variable rates. Borrowers who elect a fixed-rate loan will receive their funds as a single disbursement lump sum. A lump sum disbursement is also available with an adjustable rate. A line of credit and monthly advances have an adjustable rate.  

Will a reverse mortgage affect my government benefits?

The funds from a reverse mortgage generally do not affect regular Social Security or Medicare benefits. However, needs-based benefits, such as Medicaid and Supplemental Security Income (SSI), may be impacted. I can provide additional general information, but you should contact a financial professional or government benefits specialist about your particular situation.

How can I use the proceeds?

Use the proceeds for the things you need and want. For example: refinancing your existing mortgage(s) to improve cash flow; consolidating debts to reduce monthly bill payments; buying a home; making home renovations; funding home health care; and more.

What has to be repaid when the loan becomes due?

You’ll repay the loan balance, any fees that have been added, and the accrued interest. Homeowners (or their heirs) usually choose to do this through the sale of the home or other assets. Repaying the loan by refinancing through a conventional mortgage is also an option.

What is a Home Equity Conversion Mortgage (HECM)?

A HECM is a reverse mortgage loan that’s insured by the Federal Housing Administration (FHA).

Can a reverse mortgage be refinanced?

Yes. A reverse mortgage can be refinanced into a new reverse mortgage (typically another Home Equity Conversion Mortgage, or HECM, insured by the FHA). This is called a HECM-to-HECM refinance. Private (proprietary) reverse mortgages can also be refinanced, either into another proprietary loan or into a HECM, depending on eligibility and lender offerings. Why would ... Read more

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