Find Reverse Mortgage Specialists in Somers, NY
Compare reverse mortgage specialists in Somers. 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 Somers, NY
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A reverse mortgage specialist in Somers, New York helps older homeowners access home equity without monthly payments. New York state requires borrowers to receive counseling from a HUD-approved agency before applying. Specialists guide clients through the process, including understanding loan terms and local property tax implications.
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.
Are there income or credit requirements for a reverse mortgage in New York?
New York does not set minimum income or credit score requirements for reverse mortgages. However, lenders may assess the borrowers ability to pay property taxes and insurance. A financial assessment is often part of the application process.