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Find Reverse Mortgage Specialists in Franklin Square, NY
Browse reverse mortgage specialists serving Franklin Square, New York. Contact information and addresses listed below.
2 agents listed
Updated May 2026
Franklin Square, 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 Franklin Square, 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.
4 New Hyde Park Rd Suite 2C, Franklin Square, NY 11010
7189624781
Bridgeview Mortgage Corporation
1200 Hempstead Turnpike, Franklin Square, NY 11010
5163286300
A reverse mortgage specialist in Franklin Square, New York helps homeowners aged 62 and older access home equity without monthly payments. New York law requires borrowers to complete HUD-approved counseling before applying for a Home Equity Conversion Mortgage. Franklin Square residents often use these funds for home repairs, medical expenses, or supplementing retirement income.
What Does a Reverse Mortgage Specialist in Franklin Square Cost?
The cost of a reverse mortgage specialist in Franklin Square, New York typically includes 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 generally range from 2,000 to 5,000 dollars, but can be higher for larger loans. These costs are usually financed into the loan rather than paid out of pocket. 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 Franklin Square?
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, condo, or FHA-approved manufactured home. New York law also requires a mandatory counseling session with a HUD-approved counselor.
How does New York law affect reverse mortgage proceeds?
In New York, reverse mortgage proceeds are generally not considered income for tax purposes, but they may affect eligibility for Medicaid or other means-tested benefits. Borrowers must continue to pay property taxes, homeowners insurance, and maintain the home. The loan becomes due when the borrower moves out, sells the home, or passes away.
What costs are associated with a reverse mortgage in Franklin Square?
Typical costs include an origination fee 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. In New York, total closing costs often range from 2,000 to 5,000 dollars, depending on the loan amount and property value.
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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.