DownJoliet Reverse Mortgage Expert
Welcome to the Joliet reverse mortgage web-page. Larry McAnarney is your Barrington-based Illinios licensed reverse mortgage expert offering reverse mortgages in Joliet 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 llinois Residential Mortgage Licensee #6760766
Security 1 Lending is a divsion of Reverse Mortgage Solutions, Inc, 14405 Walters Rd Ste 200, Houston TX 77014 NMLS 107636
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 Joliet 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 Joliet 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
Joliet 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
Reverse mortgage lenders on this page provide loans for the following Joliet area zip codes:
60431, 60432, 60433, 60434, 60435, 60436
