New York (NY) Reverse Mortgage Lender
What is a Reverse Mortgage? A New York Reverse Mortgage / Loan is a home loan which provides the homeowner with cash payments based on home equity. Throughout the course of the loan, the borrower retains the New York property title/ownership. Typically, repayment of the loan is made when the property is sold or upon the homeowner’s death.
New York Reverse Mortgage Requirements
- Age requirement: New York borrower must be 62 or older
- HUD-approved counseling
- Income: No requirements
- Assets: No requirements
- New York employment: No requirements
- Credit score: No requirements
- Health: No requirements
Mortgage FAQs
Can I lose my home with a New York Reverse Mortgage?
The Bank can only foreclose on your New York home if you do not 1) pay your homeowners insurance, NY real estate taxes, any HOA fees, 2) keep the home in good repair 3) keep the New York home as your primary residence. You never have to make a mortgage payment.
What if I already have a New York mortgage?
First, your current mortgage and any other liens against the property in New York will be paid off. As long as you have enough equity to do this, a Reverse Mortgage would work for you.
Will a New York Reverse Mortgage cause me to pass debt on to my heirs?
A Reverse Mortgage in New York is a non-recourse loan. There is mortgage insurance, which is a Federal requirement, which will pay off the difference from the value of your home to what you owe. No one comes out of a Reverse Mortgage owing more than the value of their home. If the value of the New York home is greater than what is owed, the heirs inherit the additional money after the loan is paid.
Are New York (NY) Reverse Loans high-risk?
A number of safeguards have been built into the program, including mandatory HUD-approved counseling in New York, payment guarantees, capped interest rates, advanced disclosures, a three-day rescission period and a non-resource limit.
New York Reverse Mortgage Company
Apply now or contact the New York Reverse Mortgage experts at Home Point Financial to learn more about reverse mortgages in New York City, Buffalo, Rochester, Yonkers, Brooklyn and throughout New York.
