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Compare Reverse Mortgage Specialists in Deer Park, NY
Looking for a reverse mortgage specialist in Deer Park? Review the directory below to compare your options.
2 agents listed
Updated May 2026
Deer Park, 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 Deer Park, 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.
Advantage Home Lenders
2137 Deer Park Ave suite b, Deer Park, NY 11729
6317360419
Sequoia Agency LLC
2061 Deer Park Ave #7, Deer Park, NY 11729
6466411111
A reverse mortgage specialist in Deer Park, New York helps homeowners aged 62 and older convert home equity into tax-free funds without selling their property. New York law requires borrowers to complete HUD-approved counseling before applying for a Home Equity Conversion Mortgage (HECM). Deer Park residents can use these funds for home improvements, medical expenses, or supplementing retirement income while remaining in their homes.
What Does a Reverse Mortgage Specialist in Deer Park Cost?
Typical costs for a reverse mortgage in New York include an origination fee up to $6,000, a mortgage insurance premium of 2 percent of the home value, and third-party fees such as appraisal and title search, which range from $500 to $2,000. Closing costs generally total between $8,000 and $15,000. 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 Deer Park?
Borrowers must be at least 62 years old and own their home outright or have a low mortgage balance. The property must be your primary residence and meet FHA property standards. New York law also requires a financial assessment to ensure you can pay ongoing property taxes and insurance.
How does New York law affect reverse mortgage proceeds?
New York law requires that reverse mortgage proceeds be disbursed through a licensed lender. Borrowers can choose lump sum, monthly payments, or a line of credit. The state also mandates a three-day right of rescission after closing, allowing you to cancel the loan without penalty.
What happens to the reverse mortgage when the borrower moves or passes away?
The loan becomes due when the last borrower permanently leaves the home or dies. Heirs have 30 days under New York law to decide whether to pay off the loan or sell the property. If the home is sold for less than the loan balance, FHA insurance covers the difference.
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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.