Find Reverse Mortgage Specialists Near You in Ithaca, NY
Compare reverse mortgage specialists in Ithaca. Review contact information and insurance categorys before you decide.
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State Mortgage Licensing Authority of New York before hiring.
Showing 18 reverse mortgage specialists in Ithaca, NY
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A reverse mortgage specialist in Ithaca, New York helps homeowners aged 62 and older convert home equity into cash without monthly payments. New York state law requires borrowers to complete HUD-approved counseling before obtaining a Home Equity Conversion Mortgage (HECM). Local specialists can guide you through the process and explain how a reverse mortgage affects your property taxes and estate in Tompkins County.
What Does a Reverse Mortgage Specialist in Ithaca Cost?
In New York, reverse mortgage costs typically 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 third-party fees for appraisal and title search. Total closing costs often range from 5,000 to 8,000 dollars for a 300,000 dollar home. 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 eligibility requirements for a reverse mortgage in Ithaca New York?
Borrowers must be at least 62 years old and own their home outright or have a low mortgage balance. The home must be your primary residence. New York state also requires you to attend a counseling session with a HUD-approved counselor before applying.
How does a reverse mortgage affect my heirs in New York?
Heirs can keep the home by paying off the loan balance or selling the property. If the sale does not cover the loan, New York is a non-recourse state, meaning heirs are not responsible for the difference. The lender recovers the shortfall from the Federal Housing Administration.
Are reverse mortgage proceeds taxable in New York?
Reverse mortgage proceeds are not considered income and are not subject to New York state income tax. However, they may affect eligibility for need-based programs like Medicaid. Consult a tax professional for your specific situation.