Find Reverse Mortgage Specialists in Monroe, NY
Looking for a reverse mortgage specialist in Monroe? Review the directory below to compare your options.
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 9 reverse mortgage specialists in Monroe, 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 Monroe Cost?
In New York, reverse mortgage costs include a HUD mortgage insurance premium of 2 percent of the home value upfront plus 0.5 percent annually. Origination fees are capped at 2 percent of the first 200,000 dollars of home value plus 1 percent of the amount above that. Appraisal fees in Monroe typically range from 450 to 700 dollars. Other costs may include title insurance, recording fees, and counseling fees of about 125 dollars. 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.
Frequently Asked Questions
What qualifications does a reverse mortgage specialist need in New York?
In New York, a reverse mortgage specialist must hold a valid mortgage loan originator license from the New York State Department of Financial Services. They must also complete annual continuing education on reverse mortgage rules and federal HECM guidelines.
Are there New York-specific rules for reverse mortgages?
Yes, New York requires a mandatory three-day right of rescission after closing. Borrowers must also attend HUD-approved counseling and cannot be charged prepayment penalties on HECM loans. The state caps origination fees at 2 percent of the home value up to 200,000 dollars plus 1 percent above that.