I have been in the mortgage industry for over twenty years doing all kinds of mortgages: refinances, purchases, reverse mortgages, no-income check loans, commercial loans, all kinds. So I was thrilled when co-ops were finally approved for reverse mortgages in New York state! The reverse mortgage (proprietary reverse mortgage for co-ops) is now available in New York state whether you wish to refinance OR purchase a co-op!
I pride myself on helping people find exactly what they are looking for! Many senior homeowners are looking to relocate to New York where the BIG APPLE is a huge draw! Theaters, the opera-- New York City has it all. Many senior homeowners are looking to get rid of their current mortgage payments and also obtain cash from their . If you have enough equity in your co-op, you can pay off your mortgage and get cash out of your co-op.
There are no monthly mortgage payments required with a reverse mortgage whether your intention is to refinance or purchase.
Please call me with any questions you may have!
631-804-9044 / direct or leave me a message on my 24-hour voice mail: 888-843-9797. I will send you a free proposal (mail or email) and provide you with guidance that will help you determine if a reverse mortgage is right for you.
There are no monthly mortgage payments required with a reverse mortgage, and there is also no pre-payment penalty. You can pay any amount on your reverse mortgage balance OR you can pay it off at any time without penalty. Additionally, you can buy a co-op with a reverse mortgage or refinance your current co-op. However, as with any mortgage, you are required to pay taxes, homeowners insurance, co-op fees and any fees required on your co-op. Maintaining your co-op in good condition is also a requirement.
Please call me with any questions you may have. I would be only too happy to help.
631-804-9044 or leave me a message on my 24-hour voice mail: 888-843-9797. I will provide you with a free proposal (mail or email) and provide you with guidance on whether a reverse mortgage is right for you.
IMPORTANT NOTICE FROM KATHIE ADLER
This website is not authorized or approved by any lender or mortgage company but is solely educational in nature and based on Kathie Adler's 22 years of mortgage experience, teaching seminars, and writing her own reverse mortgage literature. This website does not accept mortgage applications nor provide interest rates.
FROM KATHIE ADLER
If you would like further information, simply contact Kathie Adler who will provide you with a FREE REVERSE MORTGAGE PROPOSAL showing the cash out numbers or how to purchase a co-op with a reverse mortgage.
You can use our CONTACT FORM TO REQUEST INFORMATION. To reach this website again:
REQUIREMENTS FOR OBTAINING A REVERSE MORTGAGE ON A CO-OP ARE AS FOLLOWS:
AGE AND RESIDENCY REQUIREMENTS
Borrowers must be at least 62 years of age. The home must be the owner's primary residence for at least 6 months throughout the year. If you have a 1-4 unit residential property, you must reside in one of the units as your primary residence.
REVERSE MORTGAGE COUNSELING
HUD has mandated that reverse mortgage counseling is required in order to obtain a reverse mortgage.
KEEPING THE CO-OP IN GOOD REPAIR
The owner must keep their co-op unit in good repair especially if a loss or damage to their unit should occur.
MEETING FINANCIAL QUALIFICATIONS FOR THE LOAN
You are required to meet certain financial qualifications for the reverse mortgage including a history of on-time payments for property charges and co-op fees. Throughout the life of the loan, the co-op unit owner must continue to pay co-op maintenance fees, common charges, and real estate taxes plus any other fees levied by the co-op.
APPROVAL FROM THE COOPERATIVE'S BOARD OF DIRECTORS
Potential borrowers must receive approval for the reverse mortgage from the co-op board. Applicable co-op forms must be completed by the co-op board and returned to the lending company along with an application signed by all borrowers plus certain required documents.
COUNSELING AND APPLICATION: The application can be done securely online or in person. Reverse mortgage counseling, done by phone, takes about 40 minutes. Title on your home will be ordered and an appraisal of your apartment will be conducted by a licensed appraiser.
CLOSING AND FUNDING: Reverse mortgages typically close in about 35-45 days depending on when the appraisal is done as well as other factors. Funding of your reverse mortgage occurs on the 4th day after a 3-day right of rescission period in which you have the right to cancel your loan The right of rescission allows consumers a brief period of time to cancel certain types of home loans if they change their mind. (Important: Reverse mortgage proceeds are not considered taxable income by the IRS but are considered home equity, therefore, the proceeds are tax-free.)
IMPORTANT: THERE IS NO MAXIMUM CO-OP VALUE FOR YOUR LOAN. IF YOUR CO-OP IS VALUED AT TEN MILLION OR TWENTY MILLION DOLLARS OR WHATEVER THE VALUE MIGHT BE, THERE IS NO CEILING ON THE APPRAISED VALUE!
*** Please note: ¹Consult a tax professional. There are costs associated with obtaining a Co-op Reverse Mortgage.* You must comply with all of the loan’s terms and pay your other payment obligations such as cooperative fees, insurance and maintenance fees. Failure to comply with the loan terms and pay your other payment obligations will cause the loan to become due and foreclosure may occur.
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