It's helpful to work with reverse mortgage licensed specialists in the area because they understand the real estate environment in your state. Please fill out the form on this page to have a reverse mortgage specialist contact you. And of course, if you have any questions about applying for a reverse mortgage in New York, don't hesitate to contact one of our specialists at any time.If you live in New York and are 62 or older, you may want to consider applying for a reverse mortgage. That is because New York residents like you are using their reverse mortgages to pay off medical bills, perform home renovations and enjoy life.
Why Apply for a Reverse Mortgage?There are many reason New York residents may want to consider a reverse mortgage, or HECM, but it ultimately comes down to two factors: financial security and quality of life. Living on a limited budget can be stressful - especially in a state like New York, where property taxes are high. Many seniors live with this financial pressure and never realize that the equity they worked so hard to build is sitting untouched. A reverse mortgage allows borrowers to use their home's equity to obtain a loan and receive funds from a line of credit, monthly disbursements, a lump sum payment, or a combination of payment plans. Also known as a home equity conversion mortgage (HECM), a reverse mortgage can be used to pay your outstanding mortgage and other expenses, with any remaining money available for you to use however you like. The loan generally does not become due and payable until you (or an eligible non-borrowing spouse during a deferral period) move, sell the property, or pass away. The loan also becomes due and payable if you (or an eligible non-borrowing spouse during a deferral period) fail to pay property taxes and insurance premiums or fail to maintain your home.
Types of Reverse MortgagesNew York residents can choose from different types of HECMs, which are insured by the Federal Housing Administration (FHA). Fixed rate HECMs allows you to receive the available loan proceeds as a lump sum disbursement once the loan closes, and loan interest rates are locked into the rate at the time of closing. Adjustable rate HECMs allows you to receive the available loan proceeds from a line of credit, monthly payments, or a combination of both. HECMs for purchase, available as fixed rate or adjustable rate loans, make it possible for seniors to purchase a home with no required monthly payments, giving borrowers the option to purchase a primary residence that is suited to their needs or closer to family.*
Finding Reverse Mortgage Specialists in New YorkReverse mortgage licensed specialists in New York will have a better understanding of the real estate environment in your area. If you have any questions about applying for a reverse mortgage in New York, please fill out the form on this page to have a reverse mortgage specialist contact you.
* Homeowner must still maintain the property, pay homeowners insurance, and property taxes to avoid foreclosure.