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New York Reverse Mortgages: HECM Mortgages Available Throughout NY

Senior Couple Who Secured a Reverse Mortgage on Their HomeIf you are a homeowner 62 years old or older looking to pay off your home in New York, a reverse mortgage may be an option you should carefully consider. Also referred to as Home Equity Conversion Mortgages (HECM), these home loans offer a number of benefits when it comes to paying off your existing home and are now available through Maple Tree Funding!

What is a Reverse Mortgage?

A New York reverse mortgage is a Federal Housing Administration (FHA) insured home loan that allows senior citizens to enhance their financial security. By allowing you to access a portion of your home’s equity, reverse mortgages make it possible to obtain tax-free funds while avoiding the need to make monthly mortgage payments on your current residence.

Benefits of Reverse Mortgages

There are a number of reasons why NY reverse mortgages are a great option for homeowners 62 years of age and older to consider. New York HECM home loans can benefit you by enabling you to:

  • Pay off your existing mortgage with no monthly mortgage payments
  • Continue to live in your home and maintain the title
  • Improve your monthly cash flow
  • Supplement your current retirement income
  • Pay off medical bills, car loans and other outstanding debts
  • Fund necessary home repairs and renovations
  • Preserve your savings

NY Reverse Mortgage Eligibility Requirements

Wondering if you are eligible for an HECM mortgage? In order to qualify, you must meet the following requirements:

  • Homeowners must be 62 years old or older
  • Live in your current home as your primary residence
  • Live in a single family home, 2-4 unit owner-occupied home, townhouse, or FHA approved condominium or manufactured home
  • Have sufficient equity in your current home
  • Be able to pay off your current home through the reverse mortgage loan proceeds

If you do qualify for a reverse mortgage in New York, keep the following in mind:

  • You must complete a HUD approved counseling session.
  • Though you will not be making monthly mortgage payments, property taxes and homeowners insurance must still be paid.
  • You must maintain your home in adherence with FHA requirements.

Reverse Mortgages in Albany, Queensbury, Saratoga & Throughout New York State from Maple Tree Funding

Want to enhance your financial security and protect your savings? Interested in paying off your home? Wondering if a HECM loan might be a feasible option for you?

At Maple Tree Funding, our team of mortgage experts has the answers you are looking for. We can help you determine if a reverse mortgage might be right for you and, if not, what your options might be in terms of paying off your home.

Interested in learning more about reverse mortgages in Albany, Clifton Park, Saratoga, Glens Falls and throughout all of New York? Give us a call today at 518-782-1202 or contact us using the form below to get the conversation started and find out if an HECM loan from Maple Tree Funding is right for you!

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