New York Senior Housing Resources

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.

Want to learn more? Click here to get free information about a reverse mortgage!

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 NY housing resources, including:

  1. Relevant reverse mortgage statistics
  2. Housing counselors
  3. Other important information

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 5688 1870534675
M AND T BANK 4428 675892827
EVERBANK REVERSE MORTGAGE LLC 4217 1103674263
FINANCIAL FREEDOM SENIOR FUNDING CORP 2812 799439866
AMERICAN ADVISORS GROUP 1931 616736899
METLIFE BANK NATIONAL ASSOCIATION 1912 718719730
WORLD ALLIANCE FINANCIAL CORP. 1534 523538331
BANK OF AMERICA 1264 484293420
NATIONWIDE EQUITIES CORPORATION 1262 550770225
ONE REVERSE MORTGAGE LLC 1243 349757496
COMMUNITY HOME EQU CONV CORP 1086 128916782
AGENCY FOR CONSUMER EQUITY MORTGAGE INC 1035 325548984
UNITED NORTHERN MORTGAGE BANKERS LTD 994 393636985
UPSTATE CAPITAL INC 860 186661762
FAST TRACK FUNDING CORP 670 218529214
FRANKLIN FIRST FINANCIAL LTD 647 265113885
AMERIFIRST MORTGAGE CORP 643 73472879
LIBERTY HOME EQUITY SOLUTIONS INC 553 186869200
HOME MORTGAGEE CORP 551 74442143
GUARDIAN FIRST FUNDING GROUP LLC 513 168230880

Since 2012:

Lender Loans Total Principal Limit
AMERICAN ADVISORS GROUP 1565 512846949
M AND T BANK 961 174533950
ONE REVERSE MORTGAGE LLC 939 274211896
NATIONWIDE EQUITIES CORPORATION 767 345617255
LIBERTY HOME EQUITY SOLUTIONS INC 518 173597000
UNITED NORTHERN MORTGAGE BANKERS LTD 423 169779790
ADVISORS MORTGAGE GROUP LLC 391 180057900
PERRI FUNDING CORP. 372 175283950
FRANKLIN FIRST FINANCIAL LTD 305 134163550
VANGUARD FUNDING LLC 281 129225500

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. This should give you a ballpark idea of what to look for when comparison shopping.

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%

NY Cities with the Most Reverse Mortgages

Rank City Zip Total
1 BROOKLYN 11209 5343
2 STATEN ISLAND 10314 1957
3 BRONX 10471 1682
4 JAMAICA 11433 1491
5 ROCHESTER 14610 925
6 YONKERS 10707 539
7 BUFFALO 14222 509
8 SYRACUSE 13203 453
9 FLUSHING 11357 439
10 QUEENS VILLAGE 11428 431
11 SAINT ALBANS 11412 426
12 WHITE PLAINS 10605 361
13 MASSAPEQUA 11758 358
14 VALLEY STREAM 11581 327
15 CAMBRIA HEIGHTS 11411 320
16 LINDENHURST 11757 316
17 LEVITTOWN 11756 309
18 WESTBURY 11590 308
19 HEMPSTEAD 11550 307
20 MOUNT VERNON 10552 295
21 BAY SHORE 11706 286
22 FREEPORT 11520 275
23 SOUTH OZONE PARK 11420 275
24 NEW ROCHELLE 10804 273
25 HUNTINGTON 11743 272
26 ALBANY 12203 270
27 SCHENECTADY 12303 269
28 POUGHKEEPSIE 12603 268
29 NEW HYDE PARK 11040 258
30 LAURELTON 11413 250

HUD Housing Counselors in New York

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

More Resources

USDA Rural Development, New York Office
New York Attorney General
New York Department of Financial Services