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)

Working With Larry Was Great Working with Larry was great. He is kind and patient. He encouraged questions and was patient with me and my mom. I went through four different mortgage companies, and chose Larry because of his genuine interest in my moms case

Nancy S — Nov 4, 2020

Without Any Trouble Larry walked me through everything without any trouble.

Dru & Carroll L — Jun 29, 2024

Professional, Thorough, and Patient My husband and I found Larry McAnarney professional, thorough, and patient with our many questions. We found his detail unfailing and appreciated his rapid, meticulous responses and on-time arrivals in the most challenging weather

Daniel & Lisa W — Mar 1, 2019