Find Reverse Mortgage Specialists Near You in Ardsley, NY
Compare reverse mortgage specialists in Ardsley. Review contact information and insurance categorys before you decide.
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State Mortgage Licensing Authority of New York before hiring.
Showing 2 reverse mortgage specialists in Ardsley, NY
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A reverse mortgage specialist in Ardsley, New York helps homeowners aged 62 and older convert home equity into loan proceeds. New York law requires borrowers to complete counseling from a HUD-approved agency before applying. Ardsley residents can use these funds for home repairs, medical expenses, or other needs while retaining home ownership.
What Does a Reverse Mortgage Specialist in Ardsley Cost?
Typical costs for a reverse mortgage in New York include an origination fee of up to 2 percent of the home value, a mortgage insurance premium of 2 percent of the appraised value, and third-party fees for appraisal, title search, and recording. Total closing costs often range from 2,000 to 8,000 dollars depending on the loan amount and property value. 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 Ardsley?
Borrowers must be at least 62 years old and own their home outright or have a low mortgage balance. The home must be the primary residence, and the property must be a single-family home, a 2-4 unit property, or a HUD-approved condominium. New York also requires a financial assessment to ensure the borrower can pay property taxes and insurance.
Is counseling required for a reverse mortgage in New York?
Yes, New York law mandates that all reverse mortgage applicants complete a counseling session with a HUD-approved counselor. This session covers loan terms, costs, and alternatives. The counselor must be independent from the lender.
Can a reverse mortgage be foreclosed in New York?
Yes, if the borrower fails to pay property taxes, homeowners insurance, or maintain the home, the lender can start foreclosure. New York has a mandatory settlement conference in foreclosure cases, which can delay proceedings. Borrowers should understand these risks before proceeding.