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Find Reverse Mortgage Specialists Near You in Riverhead, NY
Directory of reverse mortgage specialists in Riverhead, New York. Verify credentials with the state mortgage licensing authority before hiring.
6 agents listed
Updated May 2026
Riverhead, 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 6 reverse mortgage specialists in Riverhead, 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.
OneMain Financial
700 Old Country Rd #1, Riverhead, NY 11901
6312083262
Chase Home Lending
1450 Old Country Rd, Riverhead, NY 11901
6462757311
Morgan Stanley Financial Advisors
611 E Main St, Riverhead, NY 11901
6317278100
HRS holdings world wide L.L.C.
220 Roanoke Ave, Riverhead, NY 11901
9295995265
Chase Mortgage
7 W Main St, Riverhead, NY 11901
6313698500
Mortgage, Bank of America
499 Old Country Rd, Riverhead, NY 11901
6317408893
A reverse mortgage specialist in Riverhead, New York helps older homeowners access home equity without selling their property. New York law requires mandatory counseling from a HUD-approved agency before you can apply for a Home Equity Conversion Mortgage (HECM). Specialists guide clients through this process and explain how the loan affects estate planning and local property taxes in Suffolk County.
What Does a Reverse Mortgage Specialist in Riverhead Cost?
Typical costs for a reverse mortgage in New York include an origination fee of up to 2 percent of the first 200,000 dollars of home value plus 1 percent of the amount above 200,000 dollars. Third-party fees such as appraisal, title search, and recording fees can range from 1,500 to 3,500 dollars. There is also a mortgage insurance premium of 2 percent of the appraised value upfront plus an annual premium of 0.5 percent. These costs vary by lender and loan type. 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 Riverhead New York?
You must be at least 62 years old and own your home outright or have a low mortgage balance. The property must be your primary residence. New York also requires you to complete a counseling session with a HUD-approved agency before you can proceed.
How does a reverse mortgage affect my heirs in New York?
Heirs can keep the home by paying off the loan balance or 95 percent of the appraised value, whichever is less. If they sell the home, the loan is repaid from the sale proceeds. New York law does not allow the lender to take other assets if the home value is less than the loan balance.
Are reverse mortgage proceeds taxable in New York?
Loan proceeds from a reverse mortgage are not considered income by the IRS or New York State. They do not affect Social Security or Medicare benefits. However, they may impact Medicaid eligibility if the funds are not spent within the same calendar month.
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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.