New York Reverse Mortgage

One of many financial options available to seniors and retirees in the state of New York is the New York reverse mortgage.  This loan type functions in a specialized way.  It allows seniors to access their home equity and spend it as cash.  Very few financial instruments are designed to accomplish this.

Reverse Mortgage New York Information

You must be at least 62 years old in order to qualify for this loan.  You must also own a home and have some equity built up in it.  This is where your money comes from.  The lender takes over ownership of your equity by “purchasing” it from you with a loan.  The lender then makes payments on this loan, to you, each month until the full equity amount is reached, minus expenses.  Reverse mortgage in New York are often used by to secure necessary income for day to day living expenses.

You’re not limited in how you can spend the money, though.  You can use the money to pay for medical bills, a vacation, the down payment on a new home, other debts you may have, or anything else.  It’s your home, your equity, and your money.  Read through our reverse mortgage information page to learn more about how you, as a senior, can benefit from the many unique features of the reverse mortgage loan.

How you receive your income from your lender is entirely up to you.  You’re in charge.  You can choose to have your lender provide you the funds in any of the following ways.

• As a lump sum.
• Through a monthly payment plan.
• Through a credit line.

If you want, though, you can actually combine any of these methods to create a customized cash retrieval system that fits with your lifestyle and financial needs.

As mentioned above, your lender owns the equity of your home during and after a reverse mortgage.  But you don’t need to worry about losing your home.  The title of the home retains your name and information.  Your lender has no claim of ownership on the property itself.  You cannot lose your home in a reverse mortgage.

What will happen, though, is this.  Your heirs will inherit the home upon your death.  This event will cause the reverse mortgage balance to come due, and whoever receives ownership of the home after you pass away will be required to pay it.  But you don’t need to worry about leaving behind a load of debt for your heirs.  Whoever owns the home can simply sell it to pay back the mortgage.  The federal government has instituted a regulation that prevents lenders from collecting more money than what the home sells for, even if the reverse mortgage amount exceeded the value of the home.

To learn more about this and other details of the reverse mortgage program, check out the HUD’s Frequently Asked Questions page or get in touch with a lender from our network.

New York Reverse Mortgage Lenders

Most lenders are eager and willing to work with seniors on reverse mortgages, but you should take the time to do some research.  Not all lenders offer the same mortgage interest rates, and some charge high fees to administer reverse mortgages.

Compare the rates and fees charged by at least four or five lenders in your area.  This will give you a good idea of what terms are available to you.  Find the lender who can service your loan most effectively and affordably.

You can learn more about locating lenders and applying for this loan type by reading our reverse mortgage checklist.

About New York

New York is known in history as the "gateway for immigration," and its status as a financial and cultural center is well established.  New York City is the most populous city in the country and the most diverse in the world.

Buffalo, Rochester, Syracuse, and Albanyare other major cities in the state.  All of these areas are surrounded by beautiful northeastern foliage and countryside and offer many recreational opportunities.  Many seniors have chosen to retire in New York due to its cultural influence and its beauty.  A reverse mortgage can help you take a similar step.

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