Find Reverse Mortgage Specialists in Camillus, NY
Directory of reverse mortgage specialists in Camillus, New York. Verify credentials with the state state mortgage licensing authority before hiring.
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
State Mortgage Licensing Authority of New York before hiring.
Showing 5 reverse mortgage specialists in Camillus, 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.
What Does a Reverse Mortgage Specialist in Camillus Cost?
Typical costs for a reverse mortgage in New York include an origination fee up to 2 percent of the home value or $6,000 whichever is less. Mortgage insurance premiums are 2 percent of the appraised value upfront plus 0.5 percent annually. Appraisal fees range from $400 to $800 and counseling fees are usually $125 to $250. Closing costs such as title search and recording fees add $1,500 to $3,000. These costs can be financed into the loan. This is general information 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 age requirements for a reverse mortgage in Camillus New York?
Borrowers must be at least 62 years old. All homeowners listed on the title must meet this age requirement. New York law does not allow exceptions for younger spouses.
Do I need counseling to get a reverse mortgage in New York?
Yes New York requires all borrowers to complete a counseling session with a HUD-approved counselor. The session covers loan terms costs and alternatives. You must receive a certificate of completion before the lender can process your application.
Can I lose my home with a reverse mortgage in Camillus?
You can lose your home if you fail to pay property taxes or homeowners insurance or if you do not maintain the property. New York law provides a 12-month redemption period after a foreclosure filing. You must also live in the home as your primary residence.