New York Reverse Mortgages
A reverse mortgage, also known as HECM (Home Equity Conversion Mortgage) is a way for seniors over the age of 62 to supplement their retirement income by borrowing against the equity on their home. New York reverse mortgage loans do not need to be paid off by the borrower until death or transfer of the home. Reverse mortgages offer the opportunity for senior homeowners to live in their home without making mortgage payments to the reverse mortgage
Advantages of a Reverse Mortgage
- Income and credit are not considered when RM is obtained.
- No monthly mortgage payment is made as long as you live in the home.
- Loan can be obtained up to 80% of the home value (max amount is $625,500).
- Ideal way to increase your spending power in retirement.
- No risk of default.
- No claim on your income or other assets by lender.
- The money from a reverse mortgage is typically tax free.
- No restrictions on how fund is used.
- Flexible payment options. (lump sum, annuity, credit line, or in the combination of all)
- Able to live in the house as long as you want
Disadvantage of a Reverse Mortgage
- Beware of eligibility of low income assistance, such as Medicaid and supplementary security income.
- Not suitable for individuals, looking to move in near future.
- Reverse mortgage decreases your home equity so evaluate if you are willing to reduce your heirs’ inheritance.
- Reverse mortgage can affect your eligibility for another type of loan.
Lion Mortgage offers New York Reverse Mortgages for seniors and can help you find out if a reverse mortgage is right for you. Many homeowners 62 years and older have been taking advantage of reverse mortgages to help supplement retirement income or to provide them with the opportunity to stay out of debt, help their children financially and many other uses. Please contact us today for more information about the reverse mortgage process or simply apply online and we will contact you as soon as possible with all of your New York mortgage options.
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