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New York Reverse Mortgage Facts

New York Reverse Mortgage Lending Limits

New York ranks as the fourth-most populous state in the U.S. and the 27th largest in terms of land area. As of 2024, the state is home to approximately 19.8 million people, with nearly half of the population residing in the New York City metropolitan area. The Empire State has around 3.6 million residents aged 65 and older, and about 51% of its population are homeowners.

Historical and Cultural Overview

Long before European settlers arrived, New York was inhabited by various Native American tribes. Italian explorers were the first to explore the area in the late 16th century, followed by the Dutch, who established the first permanent settlement in 1624. In 1664, the British gained control, and New York became one of the 13 original colonies. After playing a pivotal role in the American Revolution, New York became the 11th state to join the Union in 1788.

Key Cities and Economic Overview

New York City, the state’s largest city and the most populous city in the U.S., had a population of 8.6 million in 2024. Known as the Big Apple, New York City is world-famous for its attractions, including Broadway theaters, Central Park, Times Square, and Wall Street. It has been a major entry point for immigrants, with Ellis Island welcoming over 12 million newcomers between 1892 and 1924.

The next largest cities in the state are Buffalo, Rochester, Yonkers, and Syracuse. Buffalo, with 261,000 residents, is famous for being the birthplace of Buffalo wings. Financial services, healthcare, and professional and technical services are the top industries in New York. Major corporations like JPMorgan Chase & Co., Citi, and Verizon are headquartered in New York.

Climate and Geography

New York experiences a continental climate, with hot summers and cold winters. The average high temperature in July is 85°F, and the average low in January is 26°F. The state experiences a variety of weather, including snow, rain, and sunshine throughout the year. Its coastal location makes it susceptible to hurricanes and nor’easters.

Reverse Mortgage Opportunities in New York

As of January 2024, the average home value in New York is $476,600, which is below the federal maximum reverse mortgage lending limit of $1,209,750 for HECM (Home Equity Conversion Mortgage) loans. For homeowners with higher-value properties, jumbo reverse mortgage programs are available, providing greater borrowing power above the federal limit.

New York Approved Reverse Mortgage Counseling Agencies

Did you know? New York does not mandate in-person counseling. Visit our counseling page for a list of phone-based counseling agencies and conduct your required counseling from the comfort of your home.

Additional Resources:
Reversemortgage.org NRMLA Members in New York
HUD.GOV Approved Lenders Search