New York is an expensive place to live. Many seniors, especially those on a fixed income, find themselves paying high everyday expenses, big medical bills, and debt payments. However, many of these seniors have significant home equity that could be used to help pay for some of these costs, or to provide an emergency fund should any trouble arise.
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Enter the reverse mortgage. 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. The HECM program (short for home equity conversion mortgage) provides a great way to do this. As long as you do your research beforehand, you will likely be just fine. Best of all, 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 HECM loan dominates the market in NY and across the country. 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.
This page covers important information for NY reverse mortgage shoppers, including:
Top Reverse Mortgage Lenders in New York
We’ve put together a list of the top New York Reverse Mortgage Lenders by total loans originated. Since many of the large banks exited the industry in 2012, we’ve put together an all time list and a list of the top lenders since 2012.
Want to learn more? Click here to get free information about a reverse mortgage!
All Time:
| Lender | Loans | Total Principal Limit |
| WELLS FARGO | 5,688 | 1,870,534,675 |
| M AND T BANK | 4,674 | 727,718,227 |
| EVERBANK REVERSE MORTGAGE LLC | 4,217 | 1,103,674,263 |
| AMERICAN ADVISORS GROUP | 3,837 | 1,453,034,554 |
| FINANCIAL FREEDOM SENIOR FUNDING CORP | 2,812 | 799,439,866 |
| METLIFE BANK NATIONAL ASSOCIATION | 1,912 | 718,719,730 |
| WORLD ALLIANCE FINANCIAL CORP. | 1,534 | 523,538,331 |
| ONE REVERSE MORTGAGE LLC | 1,480 | 448,190,096 |
| NATIONWIDE EQUITIES CORPORATION | 1,414 | 636,461,125 |
| BANK OF AMERICA | 1,264 | 484,293,420 |
| COMMUNITY HOME EQU CONV CORP | 1,086 | 128,916,782 |
| UNITED NORTHERN MORTGAGE BANKERS LTD | 1,044 | 419,310,635 |
| AGENCY FOR CONSUMER EQUITY MORTGAGE INC | 1,035 | 325,548,984 |
| UPSTATE CAPITAL INC | 860 | 186,661,762 |
| FINANCE OF AMERICA REVERSE LLC | 744 | 356,381,552 |
| ADVISORS MORTGAGE GROUP LLC | 686 | 329,379,030 |
| FRANKLIN FIRST FINANCIAL LTD | 671 | 277,266,285 |
| FAST TRACK FUNDING CORP | 670 | 218,529,214 |
| AMERIFIRST MORTGAGE CORP | 643 | 73,472,879 |
| LIBERTY HOME EQUITY SOLUTIONS INC | 631 | 219,175,075 |
Since 2012
| Lender | Loans | Total Principal Limit |
| AMERICAN ADVISORS GROUP | 3,471 | 1,349,144,604 |
| M AND T BANK | 1,207 | 226,359,350 |
| ONE REVERSE MORTGAGE LLC | 1,176 | 372,644,496 |
| NATIONWIDE EQUITIES CORPORATION | 919 | 431,308,155 |
| FINANCE OF AMERICA REVERSE LLC | 744 | 356,381,552 |
| LIBERTY HOME EQUITY SOLUTIONS INC | 596 | 205,902,875 |
| ADVISORS MORTGAGE GROUP LLC | 568 | 280,151,950 |
| PERRI FUNDING CORP. | 493 | 245,076,650 |
| UNITED NORTHERN MORTGAGE BANKERS LTD | 473 | 195,453,440 |
| EAST COAST CAPITAL CORP | 473 | 245,384,700 |
NY Reverse Mortgage Rates
It can be difficult to find and compare interest rates on HECM loans. To help, we’ve compiled data on all of the loans reported by HUD each month since January 2014. We’ve then taken the average interest rate on both the fixed and adjustable versions of the reverse mortgage loan. Although the data are always 2-3 months behind & these are only averages, this information should give you a ballpark idea of what to look for when comparison shopping.
Current Rates
| Date | Fixed Rate | Adjustable Rate |
| 2019-01-01 | 4.44% | 5.24% |
| 2019-02-01 | 4.76% | 5.25% |
| 2019-03-01 | 4.83% | 5.13% |
| 2019-04-01 | 4.68% | 5.07% |
| 2019-05-01 | 4.87% | 5.03% |
| 2019-06-01 | 4.89% | 4.82% |
| 2019-07-01 | 4.68% | 4.56% |
| 2019-08-01 | 5.18% | 4.29% |
| 2019-09-01 | 4.43% | 4.45% |
| 2019-10-01 | 4.62% | 4.43% |
| 2019-11-01 | 4.43% | 4.24% |
| 2019-12-01 | 4.59% | 4.24% |
| 2020-01-01 | 4.12% | 4.30% |
| 2020-02-01 | NA | 4.22% |
| 2020-03-01 | NA | 4.16% |
| 2020-04-01 | NA | 4.03% |
| 2020-05-01 | 4.53% | 3.82% |
| 2020-06-01 | 4.50% | 3.41% |
| 2020-07-01 | NA | 3.35% |
| 2020-08-01 | 3.68% | 3.26% |
| 2020-09-01 | 4.06% | 3.07% |
| 2020-10-01 | 3.10% | 3.04% |
| 2020-11-01 | 3.06% | 2.94% |
| 2020-12-01 | 3.60% | 2.88% |
| 2021-01-01 | 3.05% | 2.86% |
| 2021-02-01 | 3.14% | 2.73% |
| 2021-03-01 | 3.21% | 2.60% |
| 2021-04-01 | 3.18% | 2.54% |
| 2021-05-01 | 3.28% | 2.45% |
| 2021-06-01 | 3.28% | 2.27% |
| 2021-07-01 | 3.26% | 2.30% |
| 2021-08-01 | 3.34% | 2.31% |
| 2021-09-01 | 3.36% | 2.45% |
| 2021-10-01 | 3.80% | 2.41% |
| 2021-11-01 | 3.28% | 2.32% |
| 2021-12-01 | 3.26% | 2.48% |
| 2022-01-01 | 3.47% | 2.45% |
| 2022-02-01 | 3.81% | 2.47% |
| 2022-03-01 | 3.52% | 2.70% |
| 2022-05-01 | 4.56% | 3.63% |
| 2022-04-01 | 3.49% | 3.21% |
| 2022-06-01 | 4.48% | 3.99% |
| 2022-07-01 | 5.26% | 4.49% |
| 2022-08-01 | 4.67% | 5.13% |
| 2022-09-01 | 5.65% | 5.58% |
| 2022-10-01 | 5.65% | 6.19% |
| 2022-11-01 | 6.93% | 6.70% |
| 2022-12-01 | NA | 7.15% |
| 2023-01-01 | 6.99% | 7.27% |
| 2023-02-01 | NA | 7.22% |
| 2023-03-01 | 7.06% | 7.34% |
| 2023-04-01 | NA | 7.40% |
| 2023-05-01 | NA | 7.19% |
| 2023-06-01 | NA | 7.39% |
| 2023-07-01 | 6.93% | 7.68% |
| 2023-08-01 | NA | 7.73% |
| 2023-09-01 | NA | 7.71% |
| 2023-10-01 | NA | 7.90% |
| 2023-11-01 | NA | 7.84% |
| 2023-12-01 | NA | 7.77% |
| 2024-01-01 | NA | 7.75% |
| 2024-02-01 | 6.93% | 7.43% |
| 2024-03-01 | NA | 7.36% |
| 2024-04-01 | NA | 7.30% |
| 2024-05-01 | NA | 7.62% |
| 2024-06-01 | NA | 7.62% |
| 2024-07-01 | NA | 7.64% |
Historic Rates
| Date | Fixed Rate | Adjustable Rate |
| 2015-01-01 | 4.86% | 2.84% |
| 2015-02-01 | 4.99% | 2.96% |
| 2015-03-01 | 4.99% | 2.96% |
| 2015-04-01 | 4.91% | 3.07% |
| 2015-05-01 | 5.03% | 3.11% |
| 2015-06-01 | 5.00% | 3.11% |
| 2015-07-01 | 4.97% | 3.19% |
| 2015-08-01 | 5.04% | 3.19% |
| 2015-09-01 | 4.86% | 3.15% |
| 2015-10-01 | 4.99% | 3.26% |
| 2015-11-01 | 4.93% | 3.29% |
| 2015-12-01 | 5.00% | 3.41% |
| 2016-01-01 | 5.03% | 3.49% |
| 2016-02-01 | 4.88% | 3.72% |
| 2016-03-01 | 5.00% | 3.84% |
| 2016-04-01 | 5.00% | 3.94% |
| 2016-05-01 | 4.87% | 4.00% |
| 2016-06-01 | 4.97% | 4.02% |
| 2016-07-01 | 5.01% | 4.16% |
| 2016-08-01 | 4.94% | 4.21% |
| 2016-09-01 | 4.98% | 4.45% |
| 2016-10-01 | 5.03% | 4.59% |
| 2016-11-01 | 4.94% | 4.55% |
| 2016-12-01 | 4.80% | 4.73% |
| 2017-01-01 | 4.99% | 4.68% |
| 2017-02-01 | 4.97% | 4.66% |
| 2017-03-01 | 4.93% | 4.59% |
| 2017-04-01 | 5.01% | 4.59% |
| 2017-05-01 | 4.89% | 4.45% |
| 2017-06-01 | 4.98% | 4.41% |
| 2017-07-01 | 5.01% | 4.44% |
| 2017-08-01 | 4.90% | 4.43% |
| 2017-09-01 | 4.89% | 4.46% |
| 2017-10-01 | 4.92% | 4.50% |
| 2017-11-01 | 4.97% | 4.52% |
| 2017-12-01 | 4.81% | 4.62% |
| 2018-01-01 | 4.90% | 4.60% |
| 2018-02-01 | 4.98% | 4.66% |
| 2018-03-01 | 4.61% | 4.71% |
| 2018-04-01 | 4.90% | 4.86% |
| 2018-05-01 | 4.75% | 4.99% |
| 2018-06-01 | 4.79% | 4.84% |
| 2018-07-01 | 4.74% | 4.95% |
| 2018-08-01 | 4.57% | 4.89% |
| 2018-09-01 | 4.75% | 4.90% |
| 2018-10-01 | 4.68% | 4.98% |
| 2018-11-01 | 4.56% | 5.17% |
| 2018-12-01 | 4.68% | 5.15% |
NY Cities with the Most Reverse Mortgages
| Rank | City | Zip | Total |
| 1 | BROOKLYN | 11203 | 694 |
| 2 | JAMAICA | 11434 | 625 |
| 3 | BROOKLYN | 11234 | 520 |
| 4 | STATEN ISLAND | 10314 | 512 |
| 5 | SAINT ALBANS | 11412 | 476 |
| 6 | BROOKLYN | 11207 | 430 |
| 7 | MASSAPEQUA | 11758 | 421 |
| 8 | BRONX | 10469 | 395 |
| 9 | LEVITTOWN | 11756 | 380 |
| 10 | BROOKLYN | 11221 | 376 |
| 11 | STATEN ISLAND | 10312 | 374 |
| 12 | LINDENHURST | 11757 | 367 |
| 13 | CAMBRIA HEIGHTS | 11411 | 367 |
| 14 | WESTBURY | 11590 | 355 |
| 15 | HEMPSTEAD | 11550 | 338 |
| 16 | BROOKLYN | 11236 | 337 |
| 17 | STATEN ISLAND | 10306 | 328 |
| 18 | BAY SHORE | 11706 | 327 |
| 19 | BRONX | 10466 | 318 |
| 20 | HUNTINGTON | 11743 | 317 |
| 21 | QUEENS VILLAGE | 11429 | 316 |
| 22 | BROOKLYN | 11233 | 311 |
| 23 | FREEPORT | 11520 | 307 |
| 24 | NEW HYDE PARK | 11040 | 306 |
| 25 | HICKSVILLE | 11801 | 299 |
| 26 | BROOKLYN | 11208 | 296 |
| 27 | SOUTH OZONE PARK | 11420 | 291 |
| 28 | LAURELTON | 11413 | 289 |
| 29 | JAMAICA | 11433 | 280 |
| 30 | OCEANSIDE | 11572 | 278 |
HUD Housing Counselors in New York
Before you apply for your HECM loan, you need to complete mandatory counseling. This can be done in person or over the phone. We cover the topic much greater depth here, so on this page we’ll provide a directory of options near you. You can also ask your lender if there is a more convenient location for an in person appointment.
ALBANY COUNTY RURAL HOUSING ALLIANCE, INC.
24 MARTIN RD
VOORHEESVILLE, NY 12186-4814
(518) 765-2425
http://www.acrha.org
CAMBRIDGE CREDIT COUNSELING CORPORATION – NEW YORK BRANCH
245 SAW MILL RIVER ROAD
HAWTHORNE, NY 10532-1526
(888) 656-4396
www.cambridge-credit.org
VICTOR L BONETT FAMILY AND CHILDREN’S ASSOCIATION
100 E OLD COUNTRY ROAD
MINEOLA, NY 11501-4633
(516) 485-3425 ext 2325
www.familyandchildrens.org
CCCS OF ROCHESTER, INC.
1000 UNIVERSITY AVE SUITE 900
ROCHESTER, NY 14607-1286
(585) 546-3440
https://www.cccsofrochester.org/
THE HOUSING COUNCIL AT PATHSTONE, INC.
75 COLLEGE AVE STE 412
ROCHESTER, NY 14607-1009
(585) 546-3700
http://www.thehousingcouncil.org
CHAUTAUQUA OPPORTUNITIES, INCORPORATED
10825 BENNETT ROAD
DUNKIRK, NY 14048-3507
(716) 661-9430 ext 2221
http://www.chautauquaopportunities.com
NEIGHBORHOOD HOUSING SERVICES OF BROOKLYN CDC, INC.
2806 CHURCH AVE
BROOKLYN, NY 11226-4183
(718) 469-4679
http://nhsbrooklyn.org
NEIGHBORHOOD HOUSING SERVICES OF NEW YORK CITY (NHS OF NYC)
307 WEST 36TH ST. 12 FLOOR
NEW YORK, NY 10018-6495
(212) 519-2500
http://www.nhsnyc.org
MARGHERITA DIAZ PUTNAM COUNTY HOUSING CORPORATION
11 SEMINARY HILL RD
CARMEL, NY 10512-1801
(845) 225-8493
http://Putnamhousing.com
DEBT MANAGEMENT CREDIT COUNSELING CORP
2415 N. TRIPHAMMER ROAD SUITE 10
ITHACA, NY 14850-1093
(866) 724-3328
www.dmcccorp.org
HUMAN DEVELOPMENT SERVICES OF WESTCHESTER, INC.
28 ADEE ST
PORT CHESTER, NY 10573-4339
(914) 939-2005
http://www.hdsw.org/
CCCS OF BUFFALO, INC.
40 GARDENVILLE PKWY STE 300
BUFFALO, NY 14224-1387
(716) 712-2060
http://www.consumercreditbuffalo.org
GREENPATH FINANCIAL WELLNESS
75 S BROADWAY FOURTH FLOOR, OFFICE 462
WHITE PLAINS, NY 10601-4413
(888) 860-4167
http://www.greenpath.org
COMMUNITY DEVELOPMENT CORPORATION OF LONG ISLAND
2100 MIDDLE COUNTRY RD
CENTEREACH, NY 11720-3577
(631) 471-1215
http://www.cdcli.org
GREENPATH, INC.
1300 VETERANS MEMORIAL HWY SUITE 330
HAUPPAUGE, NY 11788-3076
(888) 860-4167
http://www.greenpath.com
DEBT COUNSELING CORP.
990 SO. SECOND STREET SUITE 4
RONKONKOMA, NY 11779-7258
(631) 582-4300
AMERICAN DEBT RESOURCES 248 LARKFIELD RD
EAST NORTHPORT, NY 11731-2443 STE C
(631) 912-9542
http://www.americandebtresources.com
FRIENDS OF THE NORTH COUNTRY
1387 HARDSCRABBLE ROAD
CADYVILLE, NY 12918-1912
(518) 293-5045
https://www.friendsofthenorthcountry.org
UNHS NEIGHBORWORKS HOMEOWNERSHIP CENTER
1611 GENESEE ST
UTICA, NY 13501-4731
(315) 724-4197
http://www.unhs.org
BELMONT HOUSING RESOURCES FOR WNY, INCORPORATED
1195 MAIN ST
BUFFALO, NY 14209-2101
(716) 884-7791
http://www.belmonthousingwny.org/
More Resources
USDA Rural Development, New York Office
New York Attorney General
New York Department of Financial Services
