Find Reverse Mortgage Specialists Near You in Yonkers, NY
Compare reverse mortgage specialists in Yonkers. 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 7 reverse mortgage specialists in Yonkers, 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.
A reverse mortgage specialist in Yonkers New York helps homeowners aged 62 and older convert part of their home equity into cash. New York state law requires that borrowers receive independent counseling from a HUD-approved agency before applying. Yonkers residents should work with a specialist who understands local property values and New York specific regulations.
What Does a Reverse Mortgage Specialist in Yonkers Cost?
Typical costs for a reverse mortgage 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 such as appraisal and title search. Total closing costs often range from 2,000 to 6,000 dollars depending on the property value and lender. These costs are usually financed into the loan rather than paid upfront. 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 Yonkers?
Borrowers must be at least 62 years old and own their home outright or have a low mortgage balance. The home must be the primary residence and be a single-family home, a 2-4 unit property, or a HUD-approved condominium. New York law also requires that all borrowers complete a counseling session with a HUD-approved counselor.
How does New York law affect reverse mortgage proceeds?
New York does not tax reverse mortgage proceeds as income. The loan must be repaid when the last borrower moves out, sells the home, or passes away. New York state also requires that the lender provide a detailed disclosure statement explaining all fees and terms before closing.
Can I lose my home with a reverse mortgage in Yonkers?
You can lose your home if you fail to pay property taxes, homeowners insurance, or maintain the property. New York law gives borrowers a right to cure a default within a specific time period. It is important to keep up with these obligations to avoid foreclosure.