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Find Reverse Mortgage Specialists Near You in Babylon, NY
Looking for a reverse mortgage specialist in Babylon? Review the directory below to compare your options.
2 agents listed
Updated May 2026
Babylon, 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 2 reverse mortgage specialists in Babylon, 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.
Cross Country Mortgage, Babylon Branch
18 Deer Park Ave, Babylon, NY 11702
6315788523
Viking Mortgage Co of NY
W Main St, Babylon, NY 11702
6313214600
A reverse mortgage specialist in Babylon New York helps homeowners aged 62 and older convert home equity into cash without monthly payments. New York state law requires borrowers to receive independent counseling from a HUD-approved agency before closing. Babylon residents can use these funds for home repairs, medical expenses, or supplementing retirement income.
What Does a Reverse Mortgage Specialist in Babylon 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 upfront plus 0.5 percent annually, and third-party fees for appraisal title search and recording. For a home valued at 400000 dollars total closing costs often range from 8000 to 15000 dollars. Counseling fees are usually 125 to 150 dollars but may be waived. 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 age and equity requirements for a reverse mortgage in Babylon New York?
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 meet FHA property standards. New York state law also requires a mandatory counseling session with a HUD-approved counselor.
How does New York state law affect reverse mortgage payouts?
New York law limits the amount you can borrow based on your age, home value, and current interest rates. The state also requires lenders to provide a clear disclosure of all fees and terms. You can receive funds as a lump sum, monthly payments, or a line of credit.
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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.