Find Reverse Mortgage Specialists Near You in Rochester, NY
Browse reverse mortgage specialists serving Rochester, New York. Contact information and addresses listed below.
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 20 reverse mortgage specialists in Rochester, NY
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A reverse mortgage specialist in Rochester New York helps homeowners aged 62 and older convert home equity into loan proceeds. New York state law requires all reverse mortgage originators to hold a valid mortgage loan originator license and provide borrowers with mandatory counseling from a HUD-approved agency. Specialists in Rochester guide clients through the unique requirements of New York regulations including the three-day right of rescission period.
What Does a Reverse Mortgage Specialist in Rochester Cost?
Typical costs for a reverse mortgage in New York include an origination fee of up to 2 percent of the first 200000 dollars of the home value plus 1 percent of the amount over 200000. Third-party costs such as appraisal title insurance and recording fees can range from 2000 to 5000 dollars. The mandatory HUD counseling session costs around 125 dollars. All costs are usually rolled into the loan balance. 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 eligibility requirements for a reverse mortgage in New York?
Borrowers must be at least 62 years old and own their home outright or have a low mortgage balance. The property must be the primary residence and meet FHA property standards. New York law also requires completion of a HUD-approved counseling session before the loan can proceed.
How does New York state law affect reverse mortgage terms?
New York General Business Law Section 6-1601 requires lenders to provide a clear disclosure of all loan terms and costs. Borrowers have a three-day right to cancel the loan after signing. New York also prohibits lenders from requiring borrowers to purchase other financial products as a condition of the loan.
What types of reverse mortgages are available in Rochester New York?
The most common type is the Home Equity Conversion Mortgage or HECM which is insured by the FHA. Proprietary reverse mortgages are also available for higher-value homes. Specialists can explain the differences including loan limits and repayment options specific to New York.