New National Lending Limit is $625,500 up from $417,000.
Now approving under New Limits. Call For Approval.
Your life could be significantly easier by not having the burden of a monthly mortgage payment, or by supplementing your income if your mortgage is paid off. You've invested a lot of money into your home over the years, now it's time for your home to pay you back. Guarantee yourself additional income for a better lifestyle. We have Senior Advisers who go through extensive training to offer you product knowledge that is second to none.
Receive a free phone or in-home consultation from the professionals at Residential Reverse Mortgage and you could be on your way to financial independence. Feel free to navigate this site to learn more about reverse mortgages, and whether a reverse mortgage is right for you. You have worked hard all of your life. Now sit back and let us go to work for you. We won't let you down.
The Reverse Mortgage Leader®New York
Residential Reverse is your premier source for all of your reverse mortgage needs. Our corporate offices are located right here in New York, we service the whole state, all the way up to Canada down to the tip of Long Island. We are a HUD Approved Coorespondent Lender with branches in New York and New Jersey. We are also licensed in other states. Our experienced professionals are dedicated to helping seniors through the reverse mortgage process. At Residential Reverse, we believe that a reverse mortgage should be one that you enjoy. That is why we provide you with Senior Advisers that are knowledgeable and caring to ensure that you receive the best possible service in your quest for a reverse mortgage.
What is a Reverse Mortgage?
A reverse mortgage is a unique type of loan used by older Americans to convert the equity in their homes into cash. The money from a reverse mortgage can provide seniors with the financial security they need to fully enjoy their retirement years.
The reverse mortgage has earned its name because the payment stream is "reversed." Instead of making monthly payments to a lender, as with a regular first mortgage or home equity loan, a lender makes payments to you. The money from a reverse mortgage can be used for anything from daily living expenses to home repairs and home modifications.
* Designed and insured by the US Government
* No loan payments required as long as you reside in your home
* No income or credit requirements
* Allows you to maintain your financial independence
* Cash received from the reverse mortgage is TAX FREE
* No prepayment penalty
* You still own the home and retain title
* Proceeds can be used in any manner you wish
* You can still sell your home if you wish
* Numerous Payout Options:
lump sum
line of credit
monthly payouts
combination of the three above
Reverse Mortgage Qualifications NY
Before you can qualify for a U.S. Government-insured reverse mortgage you must be at least 62 years of age and own your own home. There are no income or medical requirements to qualify. You may be eligible for a reverse mortgage even if you still owe money on a first or second mortgage. In fact, many seniors get a reverse mortgage to pay off a first mortgage.
Also, in order to qualify for a U.S. Government-insured reverse mortgage, you must receive reverse mortgage counseling from a counseling agency that is approved and certified by the Federal Housing Administration (FHA). The counseling is a safeguard for you and your family, to make sure that you completely understand what a Reverse Mortgage is, and what the process of obtaining a Reverse Mortgage is before you apply for one.
* Learn about Reverse Mortgage Counseling New York * Learn about Reverse Mortgage Consumer Safeguards New York
Registered Mortgage Broker NYS Banking Dept., First Mortgage Broker CT Banking Dept., Registered Mortgage Broker NJ Dept of Banking and Insurance. We do not make mortgage loan commitments, we do not fund loans, loans arranged through third party providers.
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