Reverse Mortgage New York

The baby boom generation has graced the golden age. Today, seniors have become a significant consumer segment in the economy. With the fast growing population of elders and retired citizens, financing companies are finding ways to meet the core of seniors' needs. One such benefit that seniors greatly enjoy is reverse mortgage financing.


1 . Local Companies

Helen Beichel
1133 Park Place
Brooklyn, NY
JOSEPH CONBOY
P. O. BOX 449
SHOREHAM, NY
Mr. Jonathan P. Delo (RFC®), CFP
845 893 0073
200 Business Park Dr Ste 308
Armonk, NY
Mr. Monroe M. Diefendorf (RFC®), CFP, CHFC, CLU
516 759 3900
152 Forest Ave.
Locust Valley, NY
Mr. Albert F. Coletti (RFC®), CHFC, CLU
631 979 6161 x102
P.O. Box 728
Smithtown, NY
Chase Bank
(914) 251-3302
2900 Westchester Avenue
Purchase, NY
Jeffrey Lewis, CFP, ChFC
7 White Deer Court
Huntington, NY
Jared Cutler
611 Pondside Drive
White Plains, NY
Mr. Michael H. Fliegelman (RFC®), CHFC, CLU
631 806 3568
5 Harborfields Ct
Greenlawn, NY
Mr. Gregory Lee Schaffer (RFC®), CFP
585-621-3300
3205 Mount Read Blvd.
Rochester, NY
Data Provided by:
      

2 . Defining a Reverse Mortgage

A reverse mortgage is an outlet for elders to enjoy the true value of their homes as cash treatments. By definition, reverse mortgages are loans handed out to seniors to convert part of their home equity as tax-free income. The design of reverse mortgage for seniors allows its beneficiaries to have a stronger sense of financial independence by giving them extra income without the added burden of paying a monthly return on loans.

Reverse mortgages can be issued for borrowers without their selling their homes, giving up the title, or making monthly mortgage payments. This loan is initially useful for people who are cash poor, but asset adequate in their financial standing. With this extra source of ready cash, seniors can decide what to do with the money, whether they want to spend it on an extra trip abroad, ensure their daily living allowance, or improve their homes. The word "reverse" denotes that the flow of money in this loan starts from the lender back to the borrower. The borrower can choose to be paid in lump sum or monthly allowance. Reverse mortgage loans will not be repaid until the borrower leaves his home.

3 . Different Kinds of Reverse Mortgages

There are two major forms of reverse mortgages, Home Equity Conversion Mortgage (HECM) and Home Keeper Mortgage. HECM offers seniors the room to tap the equity of their home and convert it into ready cash, with all the flexibility and understanding given to the senior borrower. This loan is primarily designed by the U.S. Department of Urban Housing and Development and the Federal Housing Administration. With HECM, borrowers can use the proceeds from their loans as they wish and choose the payment plan that they prefer. Once the loan becomes active, the value of the loan is supported by the value of your home that you do not need to pay until you leave your home at your death, sell the property, or do not occupy the home as a primary residence for 12 months. The reverse mortgage is designed for seniors to repay their loans by selling their estate, although this is not required. Once the loan is marked for repayment, you have to pay in a lump sum.

The Home Keeper Mortgage is a reverse mortgage that offers more options than the HECM. This is designed by Fannie Mae, the largest investor for home keeper mortgages. In this plan, borrowers can choose between monthly payments for life, a line of credit, or a combination between monthly payment and line of credit. With the line of credit in place, borrowers who opt for home keeper mortgage can finance their new home using this type of loan. In this sense, the borrower will need less cash to buy a new home or pay for new mortgage bills in the future.

4 . Difference of HECM and Home Keeper Mortgage

HECM's and Home Keeper Mortgages essentially follow the same set of principles in which reverse mortgages are defined. However, seniors are given the power to choose on these two plans, or any other reverse mortgage products on the market, so the borrower can decide what is the best financial plan for him. In Home Keeper Mortgages, the benefits are reduced for couples. Interest rates are also higher in Home Keeper Mortgages than HECM. The line of credit for HECM grows, whereas Home Keeper Mortgages does not. Fannie Mae also offers a higher lending limit and a higher monthly payment for their borrowers compared to HECM.
Regional Articles
- Reverse Mortgage Albany NY
- Reverse Mortgage Amityville NY
- Reverse Mortgage Amsterdam NY
- Reverse Mortgage Arverne NY
- Reverse Mortgage Astoria NY
- Reverse Mortgage Auburn NY
- Reverse Mortgage Babylon NY
- Reverse Mortgage Baldwin NY
- Reverse Mortgage Baldwinsville NY
- Reverse Mortgage Ballston Spa NY
- Reverse Mortgage Bay Shore NY
- Reverse Mortgage Bayside NY
- Reverse Mortgage Beacon NY
- Reverse Mortgage Bellerose NY
- Reverse Mortgage Bellmore NY
- Reverse Mortgage Bethpage NY
- Reverse Mortgage Binghamton NY
- Reverse Mortgage Brentwood NY
- Reverse Mortgage Brewster NY
- Reverse Mortgage Brockport NY
- Reverse Mortgage Bronx NY
- Reverse Mortgage Bronxville NY
- Reverse Mortgage Brooklyn NY
- Reverse Mortgage Buffalo NY
- Reverse Mortgage Cambria Heights NY
- Reverse Mortgage Camillus NY
- Reverse Mortgage Canandaigua NY
- Reverse Mortgage Centereach NY
- Reverse Mortgage Central Islip NY
- Reverse Mortgage Clifton Park NY
- Reverse Mortgage Cohoes NY
- Reverse Mortgage College Point NY
- Reverse Mortgage Commack NY
- Reverse Mortgage Copiague NY
- Reverse Mortgage Coram NY
- Reverse Mortgage Corning NY
- Reverse Mortgage Corona NY
- Reverse Mortgage Cortland NY
- Reverse Mortgage Cortlandt Manor NY
- Reverse Mortgage Deer Park NY
- Reverse Mortgage Delmar NY
- Reverse Mortgage Depew NY
- Reverse Mortgage Dunkirk NY
- Reverse Mortgage East Amherst NY
- Reverse Mortgage East Aurora NY
- Reverse Mortgage East Elmhurst NY
- Reverse Mortgage East Islip NY
- Reverse Mortgage East Meadow NY
- Reverse Mortgage East Northport NY
- Reverse Mortgage East Setauket NY
- Reverse Mortgage East Syracuse NY
- Reverse Mortgage Elmhurst NY
- Reverse Mortgage Elmira NY
- Reverse Mortgage Elmont NY
- Reverse Mortgage Endicott NY
- Reverse Mortgage Fairport NY
- Reverse Mortgage Far Rockaway NY
- Reverse Mortgage Farmingdale NY
- Reverse Mortgage Farmingville NY
- Reverse Mortgage Floral Park NY
- Reverse Mortgage Flushing NY
- Reverse Mortgage Forest Hills NY
- Reverse Mortgage Franklin Square NY
- Reverse Mortgage Fredonia NY
- Reverse Mortgage Freeport NY
- Reverse Mortgage Fresh Meadows NY
- Reverse Mortgage Fulton NY
- Reverse Mortgage Garden City NY
- Reverse Mortgage Glen Cove NY
- Reverse Mortgage Glen Oaks NY
- Reverse Mortgage Glens Falls NY
- Reverse Mortgage Gloversville NY
- Reverse Mortgage Great Neck NY
- Reverse Mortgage Hamburg NY
- Reverse Mortgage Hauppauge NY
- Reverse Mortgage Hempstead NY
- Reverse Mortgage Hicksville NY
- Reverse Mortgage Hilton NY
- Reverse Mortgage Holbrook NY
- Reverse Mortgage Hollis NY
- Reverse Mortgage Hopewell Junction NY
- Reverse Mortgage Horseheads NY
- Reverse Mortgage Howard Beach NY
- Reverse Mortgage Huntington NY
- Reverse Mortgage Huntington Station NY
- Reverse Mortgage Islip NY
- Reverse Mortgage Ithaca NY
- Reverse Mortgage Jackson Heights NY
- Reverse Mortgage Jamaica NY
- Reverse Mortgage Jamestown NY
- Reverse Mortgage Kew Gardens NY
- Reverse Mortgage Kings Park NY
- Reverse Mortgage Kingston NY
- Reverse Mortgage Lancaster NY
- Reverse Mortgage Larchmont NY
- Reverse Mortgage Latham NY
- Reverse Mortgage Levittown NY
- Reverse Mortgage Lindenhurst NY
- Reverse Mortgage Little Neck NY
- Reverse Mortgage Liverpool NY
- Reverse Mortgage Lockport NY
- Reverse Mortgage Long Beach NY
- Reverse Mortgage Long Island City NY
- Reverse Mortgage Lynbrook NY
- Reverse Mortgage Mahopac NY
- Reverse Mortgage Malone NY
- Reverse Mortgage Mamaroneck NY
- Reverse Mortgage Manhasset NY
- Reverse Mortgage Manlius NY
- Reverse Mortgage Maspeth NY
- Reverse Mortgage Massapequa NY
- Reverse Mortgage Massapequa Park NY
- Reverse Mortgage Massena NY
- Reverse Mortgage Mastic NY
- Reverse Mortgage Melville NY
- Reverse Mortgage Merrick NY
- Reverse Mortgage Middle Village NY
- Reverse Mortgage Middletown NY
- Reverse Mortgage Mineola NY
- Reverse Mortgage Monroe NY
- Reverse Mortgage Monsey NY
- Reverse Mortgage Mount Kisco NY
- Reverse Mortgage Mount Vernon NY
- Reverse Mortgage Nanuet NY
- Reverse Mortgage New City NY
- Reverse Mortgage New Hartford NY
- Reverse Mortgage New Hyde Park NY
- Reverse Mortgage New Paltz NY
- Reverse Mortgage New Rochelle NY
- Reverse Mortgage New Windsor NY
- Reverse Mortgage New York NY
- Reverse Mortgage Newburgh NY
- Reverse Mortgage Niagara Falls NY
- Reverse Mortgage North Babylon NY
- Reverse Mortgage North Tonawanda NY
- Reverse Mortgage Nyack NY
- Reverse Mortgage Oakland Gardens NY
- Reverse Mortgage Oceanside NY
- Reverse Mortgage Ogdensburg NY
- Reverse Mortgage Olean NY
- Reverse Mortgage Oneonta NY
- Reverse Mortgage Orchard Park NY
- Reverse Mortgage Ossining NY
- Reverse Mortgage Oswego NY
- Reverse Mortgage Ozone Park NY
- Reverse Mortgage Patchogue NY
- Reverse Mortgage Pearl River NY
- Reverse Mortgage Peekskill NY
- Reverse Mortgage Penfield NY
- Reverse Mortgage Pittsford NY
- Reverse Mortgage Plainview NY
- Reverse Mortgage Plattsburgh NY
- Reverse Mortgage Port Chester NY
- Reverse Mortgage Port Jefferson Station NY
- Reverse Mortgage Port Washington NY
- Reverse Mortgage Potsdam NY
- Reverse Mortgage Poughkeepsie NY
- Reverse Mortgage Queens Village NY
- Reverse Mortgage Queensbury NY
- Reverse Mortgage Rego Park NY
- Reverse Mortgage Rensselaer NY
- Reverse Mortgage Richmond Hill NY
- Reverse Mortgage Ridgewood NY
- Reverse Mortgage Riverhead NY
- Reverse Mortgage Rochester NY
- Reverse Mortgage Rockaway Park NY
- Reverse Mortgage Rockville Centre NY
- Reverse Mortgage Rome NY
- Reverse Mortgage Ronkonkoma NY
- Reverse Mortgage Roosevelt NY
- Reverse Mortgage Rosedale NY
- Reverse Mortgage Rye NY
- Reverse Mortgage Saint Albans NY
- Reverse Mortgage Saint James NY
- Reverse Mortgage Saratoga Springs NY
- Reverse Mortgage Saugerties NY
- Reverse Mortgage Sayville NY
- Reverse Mortgage Scarsdale NY
- Reverse Mortgage Schenectady NY
- Reverse Mortgage Selden NY
- Reverse Mortgage Shirley NY
- Reverse Mortgage Smithtown NY
- Reverse Mortgage South Ozone Park NY
- Reverse Mortgage South Richmond Hill NY
- Reverse Mortgage Spencerport NY
- Reverse Mortgage Spring Valley NY
- Reverse Mortgage Springfield Gardens NY
- Reverse Mortgage Staten Island NY
- Reverse Mortgage Stony Brook NY
- Reverse Mortgage Suffern NY
- Reverse Mortgage Sunnyside NY
- Reverse Mortgage Syosset NY
- Reverse Mortgage Syracuse NY
- Reverse Mortgage Tarrytown NY
- Reverse Mortgage Tonawanda NY
- Reverse Mortgage Troy NY
- Reverse Mortgage Uniondale NY
- Reverse Mortgage Utica NY
- Reverse Mortgage Valley Stream NY
- Reverse Mortgage Vestal NY
- Reverse Mortgage Wantagh NY
- Reverse Mortgage Wappingers Falls NY
- Reverse Mortgage Watertown NY
- Reverse Mortgage Watervliet NY
- Reverse Mortgage Webster NY
- Reverse Mortgage West Babylon NY
- Reverse Mortgage West Hempstead NY
- Reverse Mortgage West Islip NY
- Reverse Mortgage Westbury NY
- Reverse Mortgage White Plains NY
- Reverse Mortgage Whitestone NY
- Reverse Mortgage Woodhaven NY
- Reverse Mortgage Woodside NY
- Reverse Mortgage Wyandanch NY
- Reverse Mortgage Yonkers NY
- Reverse Mortgage Yorktown Heights NY
Related Articles
- Real Estate Note New York
When it comes to real estate note dealing, there is a lot to be concerned with. Whether you have just learned what a mortgage note is, or you have had a great deal of experience buying and selling them, chances are that there is always going to be something that you'll have questions about. Indeed, individuals may have many questions when it comes to their own mortgage, the mortgage note holder, and the seller, but there are some basic principles that one should remember in order to keep everything organized!
- Advantages and Disadvantages of Refinancing New York
- How to Choose a Mortgage Broker New York
- How to Talk to Mortgage Lenders New York
- Flexible Mortgage For Self Employed New York
- How to Follow the Mortgage Accelerator Plus Program New York
- Options for Home Refinancing New York
- How to Avoid Foreclosure by Knowing Your Mortgage Type New York
- How to Understand a N.I.N.J.A. Mortgage New York
- Green Mortgages New York