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Showing 2 reverse mortgage specialists in Somers, 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.
Fairway Independent Mortgage Corporation
247 NY-100 Suite 2008, Somers, NY 10589
9142325400
Raymond James & Associates
341 US-202 #1a, Somers, NY 10589
9142762475
What Does a Reverse Mortgage Specialist in Somers Cost?
Typical costs for a reverse mortgage specialist 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 for appraisal and title search. These costs can range from 2000 to 6000 dollars or more depending on the loan amount and property. 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 is a reverse mortgage specialist in Somers?
A reverse mortgage specialist is a licensed professional who helps homeowners in Somers understand and apply for reverse mortgages. They explain New York-specific rules, such as the mandatory counseling session and the three-day rescission period after closing.
Who qualifies 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 the borrower must meet with a HUD-approved counselor as required by New York law.