New York Reverse Mortgages

New York reverse mortgages are a popular financial planning tool being used by many senior homeowners.  Seniors 62 years and older are increasingly finding it more difficult to keep up with living expenses on a fixed retirement income.  New York reverse mortgages are used as financial aid in the form of supplemental income or a lump sum amount of money for a major purchase, home improvement or any large expense that has arisen.

New York reverse mortgages are a way to tap into otherwise inaccessible home equity without ever having to make a mortgage payment. Before these loans were available the only way to access your home equity would have been to sell your home or take out a loan that included monthly payments.  With the introduction of reverse mortgages, older homeowners now have a safe way to access the asset that has accumulated in their homes over the years. 

The most popular type of reverse mortgage is the government backed HECM (Home Equity Conversion Mortgage.)  A HECM New York reverse mortgage is insured by FHA.  What that means to you as a homeowner, is that regardless of market conditions or the status of the lender that originates your loan, you are guaranteed to always receive the benefits from your loan and that your heirs or estate will never be liable for any shortfall (if there is one) at the time the loan is repaid.

AARP Survey

According to an AARP survey, it has been determined that the majority of older Americans wish to “age in place.”  In other words, most seniors wish to continue living in their own homes for as long as they can.  Most do not wish to sell in order to access the cash that might be needed for living expenses.  AARP also found that the majority of seniors that took out a reverse mortgage, did so for everyday living expenses and not anything frivolous like vacations or other extravagances. 

Eligibility Requirements

To be eligible for New York reverse mortgages, all persons on the title to your home must be at least 62 years old.  There must be either no mortgage loan balance or only a small amount owed in comparison to the overall value of your home.  Your New York home must be your primary residence. 

There are no credit or income qualifications and the money you receive is Tax-Free.  The loan proceeds from a New York reverse mortgage does not affect your Social Security or Medicare benefits. And, there are no medical or health considerations in order to qualify.

If you are interested in finding out how much money you are eligible to receive request your complimentary New York reverse mortgages benefit summary today.   Your personalized summary will compare several different loan options and show you which one will provide the most money.  There is no obligation for this analysis. It is offered as a way for you to enhance your knowledge about a New York reverse mortgage loan.

Link to New York AARP