Find Reverse Mortgage Specialists in Poughkeepsie, NY
Directory of reverse mortgage specialists in Poughkeepsie, New York. Verify credentials with the state state mortgage licensing authority before hiring.
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 11 reverse mortgage specialists in Poughkeepsie, 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 Poughkeepsie Cost?
In New York, closing costs for a reverse mortgage typically range from 2 to 5 percent of the home value. This includes an origination fee, appraisal fee, title insurance, and recording taxes. The upfront mortgage insurance premium is 2 percent of the appraised value for most HECM loans. Annual costs include a 0.5 percent mortgage insurance premium and servicing fees. These costs are usually 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.
Frequently Asked Questions
What are the age requirements for a reverse mortgage in Poughkeepsie?
All borrowers must be at least 62 years old. In New York, if one spouse is younger than 62, the loan may still be possible under the HECM for purchase program, but the younger spouse will not be a borrower.
Do I need to own my home free and clear to get a reverse mortgage in New York?
No, you do not need to own your home free and clear. You can use a reverse mortgage to pay off an existing mortgage. The remaining equity after paying off the first mortgage can be accessed as a lump sum, line of credit, or monthly payments.
Are reverse mortgage proceeds taxable in New York?
Reverse mortgage proceeds are generally not considered taxable income by the IRS or New York State. However, interest on the loan is not deductible until the loan is paid off. Consult a tax professional for your specific situation.