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Showing 2 reverse mortgage specialists in Garnerville, 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.
Backyard Mortgage Corp.
27 Bubenko Ln, Garnerville, NY 10923
8457861610
Chase Mortgage
58 W Ramapo Rd, Garnerville, NY 10923
8453548384
What Does a Reverse Mortgage Specialist in Garnerville 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. Other costs include an appraisal fee of 400 to 600 dollars and a counseling fee of about 125 dollars. Closing costs and mortgage insurance premiums also apply and vary by loan amount. 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 does a reverse mortgage specialist in Garnerville do?
A reverse mortgage specialist helps you understand and apply for a Home Equity Conversion Mortgage HECM. They explain eligibility requirements and how the loan works under New York law. They also coordinate with the required HUD-approved counseling session.
What are the New York requirements for a reverse mortgage?
New York requires that you be at least 62 years old and own your home outright or have a low mortgage balance. You must complete a HUD-approved counseling session. The home must be your primary residence and meet FHA property standards.
How long does the reverse mortgage process take in New York?
The process typically takes 30 to 45 days from application to closing. This includes the mandatory counseling session and appraisal. Delays can occur if the property needs repairs or if documents are incomplete.