A reverse mortgage specialist in Riverhead, New York helps older homeowners access home equity without selling their property. New York law requires mandatory counseling from a HUD-approved agency before you can apply for a Home Equity Conversion Mortgage (HECM). Specialists guide clients through this process and explain how the loan affects estate planning and local property taxes in Suffolk County.
What Does a Reverse Mortgage Specialist in Riverhead Cost?
Typical costs for a reverse mortgage in New York include an origination fee of up to 2 percent of the first 200,000 dollars of home value plus 1 percent of the amount above 200,000 dollars. Third-party fees such as appraisal, title search, and recording fees can range from 1,500 to 3,500 dollars. There is also a mortgage insurance premium of 2 percent of the appraised value upfront plus an annual premium of 0.5 percent. These costs vary by lender and loan type. 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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