New York is an expensive place to live, and many seniors in NY would be wise to at least consider a reverse mortgage to help during retirement. This financial product has received mixed coverage over the years, but in the right situation it can make a lot of sense to tap into the equity in your home, and HECM reverse mortgages provide a great way to do this in some circumstances. As long as you do your research beforehand, you will likely be just fine. Best of all, HUD / the FHA requires that all seniors receive counseling before taking out this loan, making it even more likely that you will make a solid decision.
The Home Equity Conversion Mortgage, or HECM, dominates the market. This program is backed by the Federal Housing Administration, or FHA, a government agency. There are a handful of proprietary products, generally for seniors with very valuable homes, but as a rule of thumb you are probably looking for a HECM, even in expensive New York City and New York state.
We do strongly suggest that you do not allow yourself to fall for whatever one loan officer or reverse mortgage lender tells you. Compare your options, talk things over with your family, and proceed slowly and carefully. We are not suggesting that reverse mortgage lenders are bad people – our experience suggests the opposite, in fact – and are merely pointing out that this is a big decision and you should be thoughtful in how you make it.
Many people considering a reverse mortgage, whether in New York or anywhere else for that matter, find it very stressful when learning about this product. Your home equity may very well be the most valuable asset that you own, after all. We built ReverseMortgageAlert.org with the intent of helping seniors and their loved ones through this process, so be sure to surf the rest of our website or reach out to us with any questions.
Click here for free information about reverse mortgage loans.
HUD Counselors
ALBANY COUNTY RURAL HOUSING ALLIANCE, INC.
Agency ID: 80029
24 MARTIN RD
VOORHEESVILLE, NY 12186-4814
(518) 765-2425 | http://www.acrha.org
AMERICAN DEBT RESOURCES
Agency ID: 84525
248C LARKFIELD ROAD
EAST NORTHPORT, NY 11731-2443
(631) 912-9542 ext 110 | http://www.americandebtresources.com
BELMONT HOUSING RESOURCES FOR WNY, INCORPORATED
Agency ID: 81769
1195 MAIN ST
BUFFALO, NY 14209-2101
(716) 884-7791 | http://www.belmonthousingwny.org/
CCCS OF BUFFALO, INC.
Agency ID: 82242
40 GARDENVILLE PKWY STE 300
BUFFALO, NY 14224-1387
(716) 712-2060 | http://www.consumercreditbuffalo.org
CCCS OF ROCHESTER, INC.
Agency ID: 84625
1000 UNIVERSITY AVE SUITE 900
ROCHESTER, NY 14607-1286
(585) 546-3440 | http://www.rethinkingdebt.org
CLEARPOINT CREDIT COUNSELING SOLUTIONS – SYRACUSE BRANCH
Agency ID: 80700
5794 WIDEWATERS PKWY 2ND FLOO
SYRACUSE, NY 13214-1845
(315) 474-6026 | http://www.clearpointccs.org
COMMUNITY ACTION IN SELF HELP, INCORPORATED
Agency ID: 80378
48 WATER ST
LYONS, NY 14489-1244
(315) 946-6992 | http://www.cashinc.org
COMMUNITY DEVELOPMENT CORPORATION OF LONG ISLAND
Agency ID: 81232
2100 MIDDLE COUNTRY RD
CENTEREACH, NY 11720-3577
(631) 471-1215 | http://www.cdcli.org
GREENPATH DEBT SOLUTIONS
Agency ID: 84997
175 REMSEN ST SUITE 1102
BROOKLYN, NY 11201-4333
(888) 860-4167 | http://www.greenpath.com
GREENPATH DEBT SOLUTIONS
Agency ID: 83229
1 BARKER AVE SUITE 420
WHITE PLAINS, NY 10601-1517
(888) 860-4167 | http://www.greenpath.com
GREENPATH, INC.
Agency ID: 83234
1300 VETERANS MEMORIAL HWY SUITE 330
HAUPPAUGE, NY 11788-3076
(888) 860-4167 | http://www.greenpath.com
HOME HEADQUARTERS, INC.
Agency ID: 80903
990 JAMES ST
SYRACUSE, NY 13203-2879
(315) 474-1939 | http://site.notavailable.org
HUDSON RIVER HOUSING
Agency ID: 83637
291MILL STREET
POUGHKEEPSIE, NY 12601-3147
(845) 454-9288 | http://hudsonriverhousing.org
HUMAN DEVELOPMENT SERVICES OF WESTCHESTER, INC.
Agency ID: 83966
28 ADEE ST
PORT CHESTER, NY 10573-4339
(914) 939-2005 | http://www.hdsw.org/
MARGERT COMMUNITY CORPORATION
Agency ID: 80445
325 BEACH 37TH STREET
FAR ROCKAWAY, NY 11691-1510
(718) 471-3724 | http://www.margert.org
NEIGHBORHOOD HOUSING SERVICES OF NEW YORK CITY (NHS OF NYC)
Agency ID: 80499
307 WEST 36TH ST. 12 FLOOR
NEW YORK, NY 10018-6495
(212) 519-2500 | http://www.nhsnyc.org
ORANGE COUNTY RURAL DEVELOPMENT ADVISORY CORP
Agency ID: 80479
2 NORTHERN AVE
WALDEN, NY 12586-1056
(845) 713-4568 | http://www.ocrdac.org
PUTNAM COUNTY HOUSING CORPORATION
Agency ID: 80723
11 SEMINARY HILL RD
CARMEL, NY 10512-1801
(845) 225-8493 | http://Putnamhousing.com
RURAL ULSTER PRESERVATION COMPANY
Agency ID: 80003
289 FAIR ST
KINGSTON, NY 12401-3843
(845) 331-9860 | http://www.rupco.org
THE HOUSING COUNCIL AT PATHSTONE, INC.
Agency ID: 80377
75 COLLEGE AVENUE, SUITE 412
ROCHESTER, NY 14607-1009
(585) 546-3700 ext 302 | http://www.thehousingcouncil.org
UNHS NEIGHBORWORKS HOMEOWNERSHIP CENTER
Agency ID: 82310
1611 GENESEE ST
UTICA, NY 13501-4731
(315) 724-4197 | http://www.unhs.org
WESTCHESTER RESIDENTIAL OPPORTUNITIES, INCORPORATED
Agency ID: 80437
470 MAMARONECK AVE STE 410
WHITE PLAINS, NY 10605-1839
(914) 428-4507 | http://www.wroinc.org
