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Showing 2 reverse mortgage specialists in Forest Hills, 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.
R&J Capital Mortgage & Loan Brokers of NY
80-02 Kew Gardens Rd Suite 1040, Forest Hills, NY 11375
7185207000
Channel Mortgage, LLC
118-35 Queens Blvd Suite 1220B, Forest Hills, NY 11375
7186399500
What Does a Reverse Mortgage Specialist in Forest Hills Cost?
Typical costs for a reverse mortgage specialist in New York include an origination fee of up to 2 percent of the homes value, a mortgage insurance premium of 2 percent of the appraised value, and third-party fees for appraisal and title search. Total closing costs often range from 5,000 to 10,000 dollars for a Forest Hills property. 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 Forest Hills New York?
Borrowers must be at least 62 years old and own their home outright or have a low mortgage balance. The property must be a primary residence, such as a single-family home or an approved condominium in Forest Hills. New York also requires a financial assessment to ensure the borrower can pay property taxes and insurance.
How does New York law affect reverse mortgage payouts?
New York limits the loan amount based on the younger borrowers age and the homes appraised value, up to the FHA lending limit. Borrowers can choose lump sum, monthly payments, or a line of credit. Under New York law, the lender cannot force repayment as long as the borrower lives in the home and meets obligations.