Compare New York's Best Reverse Mortgages
New York Reverse Mortgage Lenders
|Lender Name||Years in Business||Rating||Stars (0-5.0)||Positive Reviews||Complaints||BBB Reviews|
|All Reverse Mortgage, Inc. (ARLO)||15||A+||4.9||99%||1||Source|
|American Advisors Group (AAG)||14||A-||4.1||82%||53||Source|
|Longbridge Financial, LLC||6||A+||3.5||70%||2||Source|
|Reverse Mortgage Funding LLC||6||A+||3.0||60%||8||Source|
|One Reverse Mortgage, LLC (Quicken)
|Liberty Home Equity Solutions, Inc.||15||A+||2.1||42%||2||Source|
|Retirement Funding Solutions (RFS)||9||A+||(N/A)||(N/A)||1||Source|
|Fairway Independent Mortgage||23||A+||2.1||42%||21||Source|
|HighTech Lending Inc.||13||A-||2.0||40%||2||Source|
|Finance of America Reverse LLC||15||A+||1.0||20%||2||Source|
New York Reverse Mortgage Facts
|State||Homeowners Age 62+||Reverse Mortgages Closed Last 12 Months||Purchase Reverse Mortgages Closed Last 12 Months||Lenders in New York||Avg. Home Value|
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 $669,700, and prices are expected to rise an additional 6.4% in the next year. Given this average, many homes fall below the federal maximum reverse mortgage lending limit of $765,600 that applies to all HECM loans. For more borrowing power above the federal limit, there are jumbo reverse mortgage programs available.
New York Approved Reverse Mortgage Counseling Agencies
|Agency Name||Phone||Agency ID||Address||Languages||Website|
|BELMONT HOUSING RESOURCES FOR WNY, INCORPORATED||716-884-7791||81769||1195 Main St|
Buffalo, New York 14209-2101
|CCCS OF BUFFALO, INC.||716-712-2060||82242||40 Gardenville Pkwy Ste 300|
Buffalo, NY 14224
Buffalo, New York 14224-1387
|PUTNAM COUNTY HOUSING CORPORATION||845-225-8493||80723||11 Seminary Hill Rd|
Carmel, New York 10512-1801
|COMMUNITY DEVELOPMENT CORPORATION OF LONG ISLAND||631-471-1215||81232||2100 Middle Country Rd|
Centereach, New York 11720-3577
|AMERICAN DEBT RESOURCES||800-498-0766||84525||384 Larkfield Rd.|
EAST NORTHPORT, New York 11731-3527
|FAMILY AND CHILDREN'S ASSOCIATION||516-485-3425||80444||400 Oak Street Suite 104|
GARDEN CITY, New York 11530-6554
|DEBT COUNSELING CORP.||631-582-4300||84307||3033 Express Dr N|
Hauppauge, New York 11749-5309
|CAMBRIDGE CREDIT COUNSELING CORPORATION - NEW YORK BRANCH||888-656-4396||90288||245 Saw Mill River Road|
HAWTHORNE, New York 10532-1526
|FRIENDS OF THE NORTH COUNTRY||518-834-9606||82487||1 Mill St|
Keeseville, New York 12944-1215
|RUPCO, INC.||845-331-2140||80003||301 Fair St|
Kingston, New York 12401-3835
|DEBT MANAGEMENT CREDIT COUNSELING CORP||631-207-5800||90119||152 Waverly Avenue|
PATCHOGUE, New York 11772-2150
|HUMAN DEVELOPMENT SERVICES OF WESTCHESTER, INC.||914-939-2005||83966||28 Adee St|
Port Chester, New York 10573-4339
|HUDSON RIVER HOUSING||845-454-9288||83637||291Mill Street|
POUGHKEEPSIE, New York 12601-3147
|CCCS OF ROCHESTER, INC.||585-546-3440||84625||1000 University Ave|
Rochester, New York 14607-1286
|THE HOUSING COUNCIL AT PATHSTONE, INC.||585-546-3700||80377||75 College Ave Ste 412|
Rochester, New York 14607-1009
|UNHS NEIGHBORWORKS HOMEOWNERSHIP CENTER||315-724-4197||82310||1611 Genesee St|
Utica, New York 13501-4731
|ALBANY COUNTY RURAL HOUSING ALLIANCE, INC.||518-765-2425||80029||24 Martin Rd|
Voorheesville, New York 12186-4814
|GREENPATH FINANCIAL WELLNESS||888-860-4167||83229||75 S Broadway|
Fourth Floor, Office 462
White Plains, New York 10601-4413
|WESTCHESTER RESIDENTIAL OPPORTUNITIES, INCORPORATED||914-428-4507||80437||470 Mamaroneck Ave Ste 410|
White Plains, New York 10605-1839
Did you know? New York state 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.