A reverse mortgage specialist in Ronkonkoma New York helps homeowners aged 62 and older convert home equity into tax free funds. New York law requires borrowers to complete a counseling session with a HUD approved counselor before applying. Specialists in Suffolk County guide clients through the unique rules for New York reverse mortgages including the mandatory waiting period.
What Does a Reverse Mortgage Specialist in Ronkonkoma Cost?
Typical costs for a reverse mortgage in New York include an origination fee up to 2 percent of the first 200,000 dollars of the home value plus 1 percent of the amount above that. Third party costs such as appraisal title insurance and recording fees can range from 2,500 to 5,000 dollars. The mandatory HUD counseling fee is usually 125 to 250 dollars. These costs can be 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.
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Reverse Mortgage Specialists in Other New York Cities
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