New York Reverse Mortgage Lenders

New York Lending Limits

New York ranks as the fourth most populous state in the U.S. and the 27th largest in terms of land size. As of 2017, 19,849,399 people lived in the state and almost half of that population was around the New York City area. The Empire State has about 3,156,054 people over the age of 65. About 51% of people in the state were homeowners as of 2017.

Various native people lived in the New York area before it was discovered by Europeans. The Italians were the first to explore the area in the late sixteenth century and the Dutch established the first settlement in the early 1600s. In 1664, the British took control and the area became one of the 13 colonies. New York played an important role in the Revolutionary War and — when the British were defeated — it became the 11th U.S. state in 1788.

A true megacity, New York City is not only the largest in the state but also the country, with a record-breaking 8.6 million in 2018. From the city’s earliest days, it has been the center of the country’s melting pot, with Ellis Island welcoming more than 12 million immigrants between 1892 and 1924. The “Big Apple” is famous for Broadway’s theaters, Central Park, Times Square, and Wall Street.

The next biggest cities in the state are Buffalo, Rochester, Yonkers, and Syracuse.
Buffalo has 261,000 residents and is famous for the spicy chicken wings that originated there. The three driving industries in the state are the financial services, healthcare, and professional and technical services. Topping the list of largest companies in New York are JPMorgan Chase and Co., Citi, and Verizon.

With hot summers and cold winters, New York is classified as a continental climate. The state experiences an average high in July of 85 degrees Fahrenheit and an average low in January of 26 degrees Fahrenheit. Year-round weather is fairly well rounded, with sun, snow and rain. Because of its location on the coast, New York gets the occasional hurricane or nor’easter.

The average home value in the state is $476,600, below the federal maximum reverse mortgage lending limit of $1,089,300 that applies to all HECM loans. For more borrowing power above the federal limit, there are jumbo reverse mortgage programs available.