Best Reverse Mortgage Companies in New York, NY
American Advisors Group (AAG)
American Advisors Group puts its sole focus on reverse mortgage lending, so it's focused on helping you access your home’s equity.
Community First National Bank
Community First National Bank offers personalized service for reverse mortgages and quick closing. The company offers FHA-backed Home Equity Conversion Mortgage and offers various fund distribution schedules.
Contour Mortgage - Brooklyn Ave U
Multi-state, full-service direct mortgage lender with a local branch in Brooklyn. Provides the advantages of a major bank and the personalized customer service of an independent agent. Offers HECMs, with purchase options.
Go Reverse Mortgage
Licensed broker specializing in reverse mortgages from several lenders so you can compare rates. Schedule a free consultation. Close on the loan in the comfort of your home.
Senior Reverse Network | Reverse Mortgage
Division of Jet Direct Mortgage lending services that specializes in reverse mortgages. Talk with an expert loan officer to find out if a reverse mortgage works for your financial situation. Use the online tool to find out how much you could qualify for.
Professional Mortgage Solutions, Inc.
Offers a full range of home loan options, with a customer service focus. Promises to keep your information secure and private. In-home concierge application and closing services are available at no extra cost.
Red Wagon Mortgage LLC
Works with each customer to compare multiple lenders and find the best loan and rate. Helps senior borrowers improve their quality of life by cashing in on home equity. Apply online or start with a free consultation.
Fort Funding Corp.
Broker representing multiple lenders to help clients get the lowest rates. Offers HECMs with fixed or adjustable rates. Thirty years of experience with an A+ Better Business Bureau Rating.
Reverse Mortgage Costs in New York, NY
Homeowners in New York City can borrow up to $970,800 for a reverse mortgage, the 2023 HECM maximum nationwide claim amount. When budgeting your reverse mortgage costs remember to account for interest, lender servicing fees, the annual mortgage insurance premium, and other housing expenses like flood insurance or property taxes. Reverse mortgage origination fees cannot exceed $6,000. While most reverse mortgages do not require a minimum credit score to qualify, your responsible borrowing history and credit score could help you secure a lower rate. A borrower’s age and home value impact the cost of a reverse mortgage in New York the most, followed by your home equity and the loan amount. New York state interest rates, credit history and fees charged by the lender will also affect the reverse mortgage cost. Reverse mortgage holders don’t make monthly payments. Instead, the lender pays the borrower via a monthly disbursement, lump sum payment upfront, a line of credit, or a combination of these payouts.
New York, NY, Reverse Mortgage Eligibility Requirements
A reverse mortgage is good for New York seniors aged 62 and older who plan to stay in their homes and have over 50% equity in the home. Use the proceeds to make home modifications to age in place or accommodate additional family members. Given New York’s high cost of living and large senior population, a reverse mortgage can be an effective way to take advantage of a home’s value to increase cash flow. Almost 15% of NYC residents are seniors, according to the U.S. Census. However, a reverse mortgage does not make sense for homeowners who plan to sell their homes or move to a retirement community. The loan becomes due when the home is no longer the borrower’s primary residence. Homeowners who qualify for another type of home equity loan or line of credit won’t need a reverse mortgage. Before you can apply for a reverse mortgage, you must meet with a reverse mortgage counselor to discuss how the loan works, your qualifications, and the responsibilities you incur when taking out a reverse mortgage.New York, NY, Reverse Mortgage Company Reviews
Contour Mortgage – Brooklyn Ave U
The Contour Mortgage is a full-service mortgage lender. Licensed mortgage originators at the Brooklyn Ave U branch specialize in local mortgage options, including HECMs for seniors. Eliminate mortgage payments, get tax-free monthly income, and stay in and own your home. A HECM for purchase option is also available. Clients trust that the mortgage originators know the industry exceptionally well, praising them for their service, low rates, and timely closing process.
- Loan professionals prioritize continuing education
- Company is active in the community
| Contour Mortgage – Brooklyn Ave U | |
| Address | 2705 Avenue U, Brooklyn, NY 11229 |
| Phone Number | (646) 542-0658 |
Go Reverse Mortgage
Go Reverse Mortgage specializes in New York reverse mortgages and is a registered broker with the New York State Department of Financial Services. The company offers a free consultation to help you decide if a reverse mortgage is right for you. Choose lump sum, monthly payments or line of credit. An attorney will come to your home for the closing if you choose. Reviewers gave this “phenomenal” business five stars for getting everything ready in an incredibly short time, and for being phenomenal.
- Sole focus on New York reverse mortgages
- Detailed website with transparent loan process
| Go Reverse Mortgage | |
| Address | 62-79 Woodhaven Blvd, Queens, NY 11374 |
| Phone Number | (718) 215-1630 |
Senior Reverse Network | Reverse Mortgage
Senior Reverse Network is a lender specializing in reverse mortgages by Jet Direct Mortgage. Talk with a reverse mortgage specialist to find out how the equity in your home can help you sustain your retirement. Use the reverse mortgage calculator on the company website to find out how much you could qualify for. Reviewers were confident that this company gave them a better quality of life by presenting the most competitive offers.
- Jet Direct Mortgage has a solid reputation with the BBB
- Online reverse mortgage calculator available
| Senior Reverse Network | Reverse Mortgage | |
| Address | 111 W Main St #110, Bay Shore, NY 11706 |
| Phone Number | 1 (800) 985-7383 |
Professional Mortgage Solutions, Inc.
Professional Mortgage Solutions, Inc. is a broker offering a variety of home loans, including reverse mortgages. Talk with a loan officer to get started, or schedule a free in-home consultation. Concierge application and closing services are available in your own home at no additional cost. Customers gave this business five stars for the best rates and the best support. Reviewers said loan officers were professional and responsive. Many customers mentioned officers by name and praised their one-on-one service.
- Free purchase assistant available online
- Smaller company offering more personalized service
| Professional Mortgage Solutions, Inc. | |
| Address | 62-79 Woodhaven Blvd, Rego Park, NY 11374 |
| Phone Number | (718) 457-4444 |
Red Wagon Mortgage LLC
Red Wagon Mortgage is a broker representing a wide range of A-rated lenders for reverse mortgages. Most borrowers can qualify for a HECM, even with low or moderate income. Loan proceeds are not taxable and in most cases do not affect social security and Medicare. Apply online or schedule a free consultation. One reviewer gave five stars for a great rate and easy process.
- CWebsite backed by secure encryption
- Registered Mortgage broker in New York
| Red Wagon Mortgage LLC | |
| Address | 149 Madison Ave, New York, NY 10016 |
| Phone Number | (212) 588-0944 |
Fort Funding Corp.
Fort Funding Corp. specializes in mortgage loans in the tri-state area and Florida, including HECMs. Adjustable and fixed rate options are available. A reverse mortgage might be able to help in foreclosure as well. Talk with a loan officer to determine your eligibility. Reviewers said working with this company was a wonderful experience, and the loan officers made the process fast and easy to understand. Others appreciated that the company followed up with them and offered competitive rates.
- A+ rating with the BBB
- Lists all materials needed to apply on website
| TILA Mortgage | |
| Address | 7016 Fort Hamilton Pkwy, Brooklyn, NY 11228 |
| Phone Number | (718) 921-0200 |
