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Compare reverse mortgage specialists in Ballston Lake. Review contact information and insurance categorys before you decide.
2 agents listed
Updated May 2026
Ballston Lake, 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 Ballston Lake, 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.
Launch Financial Group
331 Ushers Rd, Ballston Lake, NY 12019
8442983727
think mortgage
331 Ushers Rd Suite 106, Ballston Lake, NY 12019
6464605676
A reverse mortgage specialist in Ballston Lake New York helps homeowners aged 62 and older convert home equity into cash. New York state requires borrowers to complete a counseling session with a HUD-approved counselor before applying. These specialists guide clients through the process, including understanding loan terms and repayment obligations.
What Does a Reverse Mortgage Specialist in Ballston Lake Cost?
Typical costs for a reverse mortgage in New York include an origination fee of up to 2 percent of the home value capped at 6000 dollars, a mortgage insurance premium of 2 percent of the appraised value, and third-party fees such as appraisal and title search totaling 1000 to 3000 dollars. Closing costs generally range from 5000 to 15000 dollars depending on the loan amount and property value. This is general information and 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 Ballston Lake 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 Federal Housing Administration property standards. New York law also requires a mandatory counseling session with a HUD-approved counselor.
How does New York state law affect reverse mortgage terms?
New York requires lenders to provide a clear disclosure of loan terms and costs before closing. Borrowers have a three-day right of rescission after signing the loan agreement. Additionally, New York prohibits certain predatory lending practices, such as single-premium credit insurance.
What happens to a reverse mortgage when the borrower dies or moves out in New York?
The loan becomes due when the last borrower dies, sells the home, or permanently moves out. Heirs have up to 30 days to decide whether to repay the loan or sell the property. New York law provides a six-month extension for heirs to arrange financing if needed.
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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.