New York HECM Loan Information & Reverse Mortgage Guide

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:

  1. Biggest HECM Lenders
  2. Reverse Mortgage Rates
  3. Active New York Housing Counselors

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 1,412 635,036,125
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 693 327,266,902
ADVISORS MORTGAGE GROUP LLC 683 326,829,205
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 917 429,883,155
FINANCE OF AMERICA REVERSE LLC 693 327,266,902
LIBERTY HOME EQUITY SOLUTIONS INC 596 205,902,875
ADVISORS MORTGAGE GROUP LLC 565 277,602,125
PERRI FUNDING CORP. 493 245,076,650
UNITED NORTHERN MORTGAGE BANKERS LTD 473 195,453,440
EAST COAST CAPITAL CORP 463 238,329,700

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
01/01/2019 4.44% 5.24%
02/01/2019 4.76% 5.25%
03/01/2019 4.83% 5.13%
04/01/2019 4.68% 5.07%
05/01/2019 4.87% 5.03%
06/01/2019 4.89% 4.82%
07/01/2019 4.68% 4.56%
08/01/2019 5.18% 4.29%
09/01/2019 4.43% 4.45%
10/01/2019 4.62% 4.43%
11/01/2019 4.43% 4.24%
12/01/2019 4.59% 4.24%
01/01/2020 4.12% 4.30%
02/01/2020 NA 4.22%
03/01/2020 NA 4.16%
04/01/2020 NA 4.03%
05/01/2020 4.53% 3.82%
06/01/2020 4.50% 3.41%
07/01/2020 NA 3.35%
08/01/2020 3.68% 3.26%
09/01/2020 4.06% 3.07%
10/01/2020 3.10% 3.04%
11/01/2020 3.06% 2.94%
12/01/2020 3.60% 2.88%
01/01/2021 3.05% 2.86%
02/01/2021 3.14% 2.73%
03/01/2021 3.21% 2.60%
04/01/2021 3.18% 2.54%
05/01/2021 3.28% 2.45%
06/01/2021 3.28% 2.27%
07/01/2021 3.26% 2.30%
08/01/2021 3.34% 2.31%
09/01/2021 3.36% 2.45%
10/01/2021 3.80% 2.41%
11/01/2021 3.28% 2.32%
12/01/2021 3.26% 2.48%
01/01/2022 3.47% 2.45%
02/01/2022 3.81% 2.47%
03/01/2022 3.52% 2.70%
05/01/2022 4.56% 3.63%
04/01/2022 3.49% 3.21%
06/01/2022 4.48% 3.99%
07/01/2022 5.26% 4.49%
08/01/2022 4.67% 5.13%
09/01/2022 5.65% 5.58%
10/01/2022 5.65% 6.19%
11/01/2022 6.93% 6.70%
12/01/2022 NA 7.15%
01/01/2023 6.99% 7.27%
02/01/2023 NA 7.22%
03/01/2023 7.06% 7.34%
04/01/2023 NA 7.40%
05/01/2023 NA 7.19%
06/01/2023 NA 7.39%
07/01/2023 6.93% 7.68%
08/01/2023 NA 7.73%
09/01/2023 NA 7.71%
10/01/2023 NA 7.90%
11/01/2023 NA 7.84%
12/01/2023 NA 7.77%
01/01/2024 NA 7.75%
02/01/2024 6.93% 7.43%
03/01/2024 NA 7.36%
04/01/2024 NA 7.30%

Historic Rates

Date Fixed Rate Adjustable Rate
01/01/2015 4.86% 2.84%
02/01/2015 4.99% 2.96%
03/01/2015 4.99% 2.96%
04/01/2015 4.91% 3.07%
05/01/2015 5.03% 3.11%
06/01/2015 5.00% 3.11%
07/01/2015 4.97% 3.19%
08/01/2015 5.04% 3.19%
09/01/2015 4.86% 3.15%
10/01/2015 4.99% 3.26%
11/01/2015 4.93% 3.29%
12/01/2015 5.00% 3.41%
01/01/2016 5.03% 3.49%
02/01/2016 4.88% 3.72%
03/01/2016 5.00% 3.84%
04/01/2016 5.00% 3.94%
05/01/2016 4.87% 4.00%
06/01/2016 4.97% 4.02%
07/01/2016 5.01% 4.16%
08/01/2016 4.94% 4.21%
09/01/2016 4.98% 4.45%
10/01/2016 5.03% 4.59%
11/01/2016 4.94% 4.55%
12/01/2016 4.80% 4.73%
01/01/2017 4.99% 4.68%
02/01/2017 4.97% 4.66%
03/01/2017 4.93% 4.59%
04/01/2017 5.01% 4.59%
05/01/2017 4.89% 4.45%
06/01/2017 4.98% 4.41%
07/01/2017 5.01% 4.44%
08/01/2017 4.90% 4.43%
09/01/2017 4.89% 4.46%
10/01/2017 4.92% 4.50%
11/01/2017 4.97% 4.52%
12/01/2017 4.81% 4.62%
01/01/2018 4.90% 4.60%
02/01/2018 4.98% 4.66%
03/01/2018 4.61% 4.71%
04/01/2018 4.90% 4.86%
05/01/2018 4.75% 4.99%
06/01/2018 4.79% 4.84%
07/01/2018 4.74% 4.95%
08/01/2018 4.57% 4.89%
09/01/2018 4.75% 4.90%
10/01/2018 4.68% 4.98%
11/01/2018 4.56% 5.17%
12/01/2018 4.68% 5.15%

NY Cities with the Most Reverse Mortgages

Rank City Zip Total
1 BROOKLYN 11203 694
2 JAMAICA 11434 623
3 BROOKLYN 11234 515
4 STATEN ISLAND 10314 508
5 SAINT ALBANS 11412 475
6 BROOKLYN 11207 427
7 MASSAPEQUA 11758 421
8 BRONX 10469 395
9 LEVITTOWN 11756 380
10 BROOKLYN 11221 376
11 STATEN ISLAND 10312 372
12 LINDENHURST 11757 366
13 CAMBRIA HEIGHTS 11411 366
14 WESTBURY 11590 353
15 HEMPSTEAD 11550 338
16 BROOKLYN 11236 337
17 STATEN ISLAND 10306 328
18 BAY SHORE 11706 327
19 BRONX 10466 318
20 QUEENS VILLAGE 11429 316
21 HUNTINGTON 11743 311
22 BROOKLYN 11233 311
23 FREEPORT 11520 307
24 NEW HYDE PARK 11040 303
25 HICKSVILLE 11801 298
26 BROOKLYN 11208 296
27 SOUTH OZONE PARK 11420 291
28 LAURELTON 11413 289
29 OCEANSIDE 11572 278
30 JAMAICA 11433 277

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