Reverse Mortgage Specialists in Port Jefferson, NY

A reverse mortgage specialist in Port Jefferson, New York helps homeowners aged 62 and older convert home equity into tax-free funds. New York law requires borrowers to complete HUD-approved counseling before applying for a Home Equity Conversion Mortgage. Port Jefferson residents often use these loans to supplement retirement income or cover home repairs while remaining in their single-family homes or condos.

What Does a Reverse Mortgage Specialist in Port Jefferson Cost?

In New York, reverse mortgage costs include an origination fee capped at 2 percent of the first 200,000 dollars of home value plus 1 percent of the amount above 200,000 dollars. The upfront mortgage insurance premium is 2 percent of the appraised value, and annual premiums are 0.5 percent of the loan balance. Third-party fees such as appraisal, credit report, and title insurance typically add 500 to 2,500 dollars. Total closing costs for a Port Jefferson home can range from 3,000 to 8,000 dollars, but many borrowers roll these costs into the loan. 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.

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