If 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!
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.
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:
Wondering if you are eligible for an HECM mortgage? In order to qualify, you must meet the following requirements:
If you do qualify for a reverse mortgage in New York, keep the following in mind:
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!