Reverse Mortgage Specialists in Rego Park, NY
Compare reverse mortgage specialists in Rego Park. Review contact information and insurance categorys before you decide.
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State Mortgage Licensing Authority of New York before hiring.
Showing 2 reverse mortgage specialists in Rego Park, NY
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What Does a Reverse Mortgage Specialist in Rego Park Cost?
Typical costs for a reverse mortgage in New York 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 such as appraisal and title search. Total closing costs often range from 5,000 to 12,000 dollars depending on the home value and loan type. New York also requires a mandatory escrow account which adds to upfront costs. 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 age requirements for a reverse mortgage in Rego Park?
Borrowers must be at least 62 years old. All owners listed on the title must meet this age requirement. New York law also requires a non borrowing spouse to be protected if the borrowing spouse passes away first.
Is counseling required before getting a reverse mortgage in New York?
Yes. New York law mandates that all applicants complete a counseling session with a HUD approved counselor. The session covers loan terms, costs, and alternatives. The counselor must be independent from the lender.
Can I lose my home with a reverse mortgage in Rego Park?
You can lose your home if you fail to pay property taxes, homeowners insurance, or maintain the property. New York has a mandatory escrow account for taxes and insurance to help prevent default. You must continue to live in the home as your primary residence.