Reverse Mortgage Specialists in Valley Stream, NY
Compare reverse mortgage specialists in Valley Stream. Review contact information and insurance categorys before you decide.
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 5 reverse mortgage specialists in Valley Stream, 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.
What Does a Reverse Mortgage Specialist in Valley Stream Cost?
Typical costs for a reverse mortgage in New York include an origination fee (up to $6,000), a mortgage insurance premium (2% of the homes value upfront plus 0.5% annually), appraisal fees ($400 to $800), and closing costs ($1,500 to $4,000). These fees are often financed into the loan. Costs vary by lender and property value. This is general information, 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 Valley Stream New York?
Borrowers must be at least 62 years old, own their home outright or have a low mortgage balance, and live in the property as their primary residence. The home must meet HUD property standards and be a single-family home, a 2-4 unit property, or a HUD-approved condominium.
Do I need counseling before getting a reverse mortgage in New York?
Yes, New York law and HUD require all borrowers to complete a counseling session with a HUD-approved agency. This session explains the loan terms, costs, and alternatives. The counselor must be independent from the lender.
How much can I borrow with a reverse mortgage in Valley Stream?
The amount depends on the youngest borrowers age, the homes appraised value, and current interest rates. In New York, the maximum claim amount for an HECM is $1,089,300 in 2024. Your specialist can calculate a specific estimate based on your situation.