New York Reverse Mortgage Lenders

New York is home to a lot of house rich cash poor seniors. The high property values makes New York residents prime candidates to consider reverse mortgages. Reverse mortgage loans should only be used as a last resort. Keep in mind that borrowers still must pay the annual property taxes along with insurance and HOA if applicable. The property must still be maintained. The new reverse mortgage loans can be used for any purpose by the borrower. Consider downsizing into a smaller home, using the proceeds as funds for necessary expenses while keeping aside enough for housing. Westchester, Nassau, Kings and New York Counties are some of the more popular counties for the HECM loans while Buffalo, Rochester, Yonkers, Albany and White Plains also rank among the top cities in the state.

Important Reverse Mortgage Requirements

• Oldest Borrower on the loan must be age 62 or older
• Complete a reverse mortgage counseling session from an approved HUD counselor.
• Must have equity in the property (Will vary by lender but typically need at least 50% equity)
• Property must be a single-family home, townhome, HUD approve condo or certain manufactured homes. Co-ops are not eligible for a reverse mortgage.