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Reverse Mortgages in New York: A Comprehensive Guide

If you’re a New York homeowner aged 62 or older, a reverse mortgage could be a valuable tool to help you unlock the equity in your home and improve your financial security during retirement. In this guide, we’ll cover everything you need to know about reverse mortgages in New York, including key facts, the latest statistics, top lenders, and essential protections.

How this data was derived: Reverse mortgage counts reflect FHA-insured HECM loans endorsed over a rolling 12-month period (Dec 2024–Nov 2025) using HUD HECM Snapshot data. Active lenders represent unique FHA sponsor numbers with at least one endorsed loan during this period. Estimated homeowners age 62+ are based on U.S. Census ACS 5-year owner-occupied households age 65+ as a conservative proxy. Home values are sourced from Zillow’s Home Value Index (latest available).

New York Reverse Mortgage Lenders

New York Reverse Mortgage Lending Limits

New York is one of the largest and most diverse housing markets in the country. As of 2026, the state has an estimated 19.7 to 19.8 million residents, making it the fourth-most populous state in the U.S. Roughly 3.8 to 4.0 million New Yorkers are age 65 and older, and when you include ages 62 to 64, the age-eligible reverse mortgage population exceeds 4.5 million people.

Homeownership in New York is lower than the national average due to the large renter population in New York City. Statewide, about 54 to 55 percent of households are owner-occupied, while homeownership rates are significantly higher among older residents. An estimated 3.5 to 3.6 million New York homeowners are age 62 or older, making New York one of the largest reverse mortgage-eligible markets in the country.

Because New York home values often exceed national averages, many homeowners benefit from the maximum FHA HECM lending limit, which applies statewide and is especially relevant in high-cost areas.

Historical and Cultural Overview

Before European settlement, New York was home to numerous Native American nations, including the Haudenosaunee (Iroquois Confederacy). European exploration began in the early 17th century, with Dutch settlers establishing New Amsterdam in 1624. The British assumed control in 1664, renaming the colony New York.

New York played a central role in the American Revolution and became the 11th state to join the Union in 1788. Over the centuries, it developed into a cultural, financial, and political hub that continues to shape the nation today.

Reverse Mortgage Opportunities in New York

As of January 2026, the average home value in New York is $560,200, which is below the federal maximum reverse mortgage lending limit of $1,249,125 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.

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