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Showing 2 reverse mortgage specialists in Dobbs Ferry, 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.
loanDepot
91 Main St, Dobbs Ferry, NY 10522
5085919222
Chase Home Lending
12 Ashford Ave, Dobbs Ferry, NY 10522
2484767456
What Does a Reverse Mortgage Specialist in Dobbs Ferry Cost?
Typical costs for a reverse mortgage specialist in New York include an origination fee of up to 2 percent of the home value, a mortgage insurance premium of 2 percent of the appraised value, and closing costs ranging from 2,000 to 5,000 dollars. Annual servicing fees are usually 30 to 35 dollars per month. These costs vary by lender and loan type. 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
Who qualifies for a reverse mortgage in Dobbs Ferry New York?
You must be at least 62 years old and own your home outright or have a low mortgage balance. The home must be your primary residence. New York law also requires a financial assessment to ensure you can pay property taxes and insurance.
What are the New York specific requirements for reverse mortgage counseling?
New York mandates that all reverse mortgage applicants receive counseling from a HUD approved agency. The counseling session must occur at least 10 days before you sign any loan documents. This rule helps protect borrowers from making hasty decisions.
Can I lose my home with a reverse mortgage in Dobbs Ferry?
Yes, if you fail to pay property taxes, homeowners insurance, or maintain the home. New York law provides a 90 day grace period to cure a default before foreclosure can begin. You also must continue living in the home as your primary residence.