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Browse reverse mortgage specialists serving Albany, New York. Contact information and addresses listed below.
20 agents listed
Updated May 2026
Albany, NY
Important: Listings are compiled from publicly available sources and have not been independently verified by BeforeMortgageUSA.com. We do not endorse any broker or guarantee outcomes. Verify licensing and disciplinary status with the New York before hiring.
Showing 20 reverse mortgage specialists in Albany, NY
Listings are displayed in no particular order and are not ranked by BeforeMortgageUSA. Order does not constitute a recommendation or endorsement of any broker.
Homestead Funding Corp: Stephen Field | NMLS# 85324
8 Airline Dr, Albany, NY 12205
5185284170
A reverse mortgage specialist in Albany, New York helps homeowners aged 62 and older access home equity without monthly payments. New York law requires borrowers to complete HUD-approved counseling before obtaining a Home Equity Conversion Mortgage (HECM). This specialist can guide you through the process, explain local property tax implications, and ensure compliance with state regulations.
What Does a Reverse Mortgage Specialist in Albany Cost?
Typical costs for a reverse mortgage in New York include an origination fee (up to $6,000), a mortgage insurance premium (2% of the home value upfront plus 0.5% annually), and third-party fees for appraisal, title search, and recording. Total closing costs often range from $5,000 to $15,000 depending on the home value and lender. These costs can be financed into the loan. This is general information, not mortgage or financial advice.
* Cost estimates are general ranges based on publicly available data and compiled using automated research tools. Actual fees vary by agent and case complexity. This is not mortgage or financial advice — consult directly with an agent for fee specifics.
Frequently Asked Questions
What are the eligibility requirements for a reverse mortgage in Albany New York?
You must be at least 62 years old and own your home outright or have a low mortgage balance. The property must be your primary residence. New York law also requires you to attend a counseling session with a HUD-approved counselor before applying.
Are reverse mortgage proceeds taxable in New York?
No, reverse mortgage proceeds are not considered income by the IRS or New York State. They are loan advances, so they do not affect your Social Security or Medicare benefits. However, you must still pay property taxes and homeowners insurance.
What happens if I move out of my Albany home after getting a reverse mortgage?
If you move out permanently or sell the home, the loan becomes due. You or your heirs can repay the loan by selling the property. New York law provides a 12-month deferral period for heirs to decide whether to keep the home or sell it.
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About Our Listings
Brokers listed on BeforeMortgageUSA.com are compiled from publicly available directories, state mortgage licensing authority records, and business listings. Inclusion does not constitute endorsement. We do not verify broker licensing, disciplinary status, or qualifications. Verify each broker's current standing with the New York.