From Buffalo to the five boroughs of New York City, Reverse Mortgage Page helps New York seniors make the most of their golden years with a reverse mortgage. Reverse Mortgage are not for all seniors, but all should know what a reverse mortgage can and cannot offer.

A reverse mortgage and a home equity loan are not the same thing. This is a common misconception of many folks. A home equity loan is paid back in monthly installments.A New York reverse mortgage is not paid back until death or permanent move.A reverse mortgage is a good way to obtain some equity in the home, without worrying about immediate payback.

A reverse mortgage is not for people under the age of 62.If one spouse is under 62, a reverse mortgage can be obtained, but only if the underage spouse is not on the title. (It feels good to be called underage at 61.)If the younger spouse is not on the title, care must be taken to ensure there is proper insurance on the older spouse, as the loan will come due if and when the older spouse dies.In order to avoid being displaced from the house, the younger spouse must have sufficient funds to cover the repayment.

New York reverse mortgages follow the same guidelines as the rest of the country. The reason is that the vast majority of reverse mortgages are federally insured home equity conversion mortgages, subject to the same government standards. One important New York reverse mortgage fact – some companies can do reverse mortgages on co-op’s. This is important for many folks in Manhattan. Reverse Mortgage Page provides all of the information you need. Simply click on New York Reverse Mortgage to start from our homepage and learn everything you need to know.