A reverse mortgage specialist in Kingston, New York helps homeowners aged 62 and older convert home equity into tax-free funds without monthly payments. New York law requires borrowers to complete HUD-approved counseling before applying for a Home Equity Conversion Mortgage (HECM). This service is valuable for seniors in Ulster County who want to supplement retirement income or cover home repairs while staying in their homes.
What Does a Reverse Mortgage Specialist in Kingston Cost?
Typical costs for a reverse mortgage specialist in New York include an origination fee capped at $6,000 by HUD, a mortgage insurance premium of 2% of the appraised value upfront, and an annual premium of 0.5%. Closing costs such as appraisal, title search, and recording fees range from $2,000 to $5,000. Counseling fees are usually around $125 to $150 but may be waived. These costs are often financed into the loan. This is general information and 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.
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