Find a Legitimate Lender with Your Interests in Hand

New York seniors, feeling pinched by medical costs, daily expenses, payments associated with high debt? If you’re like thousands of other seniors that own their own homes you may be exploring ways to mine the cash out of your home’s equity without putting yourself even deeper in debt.

Before you go and make a phone call to any type of lender about the “great” reverse mortgage they offer borrowers “just like you,” make sure you read this brief guide specifically for New York reverse mortgage borrowers.

NY FHA Lender Loan Limits

FHA mortgage limits vary widely in New York State from the base national average to some of the highest limits in the country. The FHA limits are determined on a county-by-county basis and are a key factor in the HUD Home Equity Conversion Mortgage (HECM). In New York State FHA limits are fairly equal to the national average except in New York City, White Plains and the Nassau-Suffolk areas where limits are much higher and reflect the exorbitant property values.

HUD Lenders

Over 90% of senior borrowers use the HUD Home Equity Conversion Mortgage. Here’s what you need to know to find a legitimate lender for this very popular product:

  • HUD is not a lender.
  • Find a HUD lender from the lender list on HUD’s website or through an independent mortgage counselor.
  • Never pay a fee for a lender list.

Remember, most FHA limits suffice for the average homeowner. Only those with very high valued homes may need an alternative reverse mortgage product.

Single-Purpose Reverse Mortgages Available in New York

About half of all states offer low-income seniors at least one type of single purpose reverse mortgage: the property tax deferral loan. In most of these cases homeowners are not required to repay the loan until the home is sold or the owner dies, like a true reverse mortgage. Of course the cash is only useable toward property taxes.

However, in New York senior homeowners are privy to a variety of property tax reductions based on a range of financial information.

Reverse Mortgage Information Resources for New Yorkers

For comprehensive information for reverse mortgages in New York explore the Consumer Help and Information resources available through the State of New York Banking Department.

General Reverse Mortgage Providers

Here is a sample of the types of reverse mortgage lenders borrowers may find in New York.

  • All Island Mortgage Company is a perfect example of a regionally based specialty mortgage company. The company is a HUD-approved lender in New York and is prepared to offer borrowers a range of suitable products.
  • Bank of America is nationally known as a leading retail banking institution, but the company also manages all types of mortgages, including two types of reverse mortgages. BOA provides borrowers with both the HUD HECM, which suits most average homeowners, and the proprietary Senior Equity Reverse Mortgage.
  • EverBank Reverse Mortgages does nothing but handle customers seeking reverse mortgages. The company has branch offices nationwide and offers three types of reverse mortgage: the HUD HECM, the Fannie Mae Home Keeper and their own proprietary reverse mortgage, the Reverse Select in a fixed or adjustable rate version.