Find Reverse Mortgage Specialists Near You in Great Neck, NY
Looking for a reverse mortgage specialist in Great Neck? Review the directory below to compare your options.
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State Mortgage Licensing Authority of New York before hiring.
Showing 7 reverse mortgage specialists in Great Neck, NY
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A reverse mortgage specialist in Great Neck New York helps homeowners aged 62 and older access home equity without monthly payments. New York law requires borrowers to complete a counseling session with a HUD-approved counselor before applying. Specialists guide clients through the HECM program and explain how local property taxes and insurance rules affect the loan.
What Does a Reverse Mortgage Specialist in Great Neck Cost?
In New York reverse mortgage costs include an origination fee up to 2.5 percent of the first 200000 of home value plus 1 percent of the amount above 200000. Third-party costs such as appraisal title insurance and recording fees typically range from 2000 to 5000. The upfront mortgage insurance premium is 2 percent of the appraised value. These costs are usually 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 does a reverse mortgage specialist do in Great Neck New York?
A specialist explains the Home Equity Conversion Mortgage HECM program and helps you apply. They review your financial situation and coordinate with a HUD-approved counselor as required by New York law. They also help you understand loan costs and repayment terms.
Is counseling required for a reverse mortgage in New York?
Yes New York law requires all borrowers to complete a counseling session with a HUD-approved counselor before submitting an application. The counselor explains the loan terms costs and alternatives. You must receive a signed counseling certificate.
What are the age and property requirements for a reverse mortgage in Great Neck?
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 and be a single-family home a 2-4 unit property or a HUD-approved condo. Manufactured homes may qualify if they meet HUD standards.