We have been serving the state of New York, including cities such as Buffalo, Rochester, Yonkers, Syracuse, Albany, New Rochelle, Mount Vernon, Utica and of course New York City that includes all of the 5 boroughs: Manhattan, Bronx, Brooklyn, Queens, Staten Island.

NYC Reverse Mortgage Lending Requirements

Qualifying for a reverse mortgage is a lot more simpler than a traditional refinance. Most lenders do not use credit scores or income.

Reverse Mortgage Cons/Disadvantages

While reverse mortgages can be very effective for the right people in the right situtation, there are many reasons why people shy away from getting a HECM. The most popular reason is the higher cost. The government have been attempting to fix this issue with the new HECM Saver program where the fees are quite a bit lower than a traditional reverse mortgage. A typical reverse mortgage's higher fees come from the insurance premium. The HECM Saver has a lower insurance premium. The drawback of the HECM Saver loan is that you cannot take out as much equity.

Another reason why one should not go with a reverse mortgage is if the borrower passes away, the must repay the loan. If the estate does not have the funds to repay the loan, then the lender will sell the home, use proceeds to pay off the reverse mortgage and anything left will be given to the estate and their heirs.

Contact Us

Fill out a short form to see how much you may qualify for or give us a call at (800) 736-3718.

154 W 68th St, New York