• REVERSE MORTGAGE INFO
  • CO-OP REVERSE MORTGAGES!
  • HOW DO I QUALIFY?
  • FINANCIAL PLANNERS
  • REVERSE MORTGAGE MYTHS
  • WHAT ARE THE SAFEGUARDS?
  • REVERSE PROS AND CONS
  • FAQ -QUESTIONS PEOPLE ASK
  • IS IT RIGHT FOR ME?
  • NON-BORROWING SPOUSE
  • HECM LINE OF CREDIT
  • WHEN IS IT DUE?
  • JUMBO REVERSE MORTGAGES
  • HECM COUNSELING
  • REVERSE MORTGAGE STEPS
  • PURCHASE WITH REVERSE
  • KATHIE ADLER-ORIGINATOR
  • DOCUMENTS-UNDERWRITING
  • FIRST-TIME HOMEBUYERS
  • FINDING THE RIGHT LOAN
  • BANK STATEMENT LOANS
  • VA HOME LOANS
  • MANUFACTURED HOMES
  • BLEMISHED CREDIT
  • REMEMBER WHEN...
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    • REVERSE MORTGAGE INFO
    • CO-OP REVERSE MORTGAGES!
    • HOW DO I QUALIFY?
    • FINANCIAL PLANNERS
    • REVERSE MORTGAGE MYTHS
    • WHAT ARE THE SAFEGUARDS?
    • REVERSE PROS AND CONS
    • FAQ -QUESTIONS PEOPLE ASK
    • IS IT RIGHT FOR ME?
    • NON-BORROWING SPOUSE
    • HECM LINE OF CREDIT
    • WHEN IS IT DUE?
    • JUMBO REVERSE MORTGAGES
    • HECM COUNSELING
    • REVERSE MORTGAGE STEPS
    • PURCHASE WITH REVERSE
    • KATHIE ADLER-ORIGINATOR
    • DOCUMENTS-UNDERWRITING
    • FIRST-TIME HOMEBUYERS
    • FINDING THE RIGHT LOAN
    • BANK STATEMENT LOANS
    • VA HOME LOANS
    • MANUFACTURED HOMES
    • BLEMISHED CREDIT
    • REMEMBER WHEN...
  • REVERSE MORTGAGE INFO
  • CO-OP REVERSE MORTGAGES!
  • HOW DO I QUALIFY?
  • FINANCIAL PLANNERS
  • REVERSE MORTGAGE MYTHS
  • WHAT ARE THE SAFEGUARDS?
  • REVERSE PROS AND CONS
  • FAQ -QUESTIONS PEOPLE ASK
  • IS IT RIGHT FOR ME?
  • NON-BORROWING SPOUSE
  • HECM LINE OF CREDIT
  • WHEN IS IT DUE?
  • JUMBO REVERSE MORTGAGES
  • HECM COUNSELING
  • REVERSE MORTGAGE STEPS
  • PURCHASE WITH REVERSE
  • KATHIE ADLER-ORIGINATOR
  • DOCUMENTS-UNDERWRITING
  • FIRST-TIME HOMEBUYERS
  • FINDING THE RIGHT LOAN
  • BANK STATEMENT LOANS
  • VA HOME LOANS
  • MANUFACTURED HOMES
  • BLEMISHED CREDIT
  • REMEMBER WHEN...

BREAKING NEWS! CO-OPS HAVE NOW BEEN APPROVED FOR REVERSE MORTGAGES IN NEW YORK STATE!

After much anticipation, co-op owners can now obtain a reverse mortgage on their individual co-op units in New York City and the state of New York. 

See below for qualifications and steps for obtaining a reverse mortgage.
FOR FREE INFO ON REVERSE MORTGAGES - 631-804-9044 -OR- 888-843-9797 - Kathie's co-op website:

https://reversemortgagecoop.com

Reverse Mortgages for Co-ops in New York State

REVERSE MORTGAGES ON CO-OPS NOW APPROVED

In the past, reverse mortgages for senior homeowners with co-ops were unobtainable. 


That has now changed!


In December, 2021, a bill was signed into law in New York state law that allows New York state co-op shareholders who are at least 62 years of age to take out a reverse mortgage on their co-op apartments. For those unfamiliar, a co-op (cooperative housing) is where most of the co-ops are reminiscent of apartment buildings of varying unit sizes and varying building sizes but where co-op owners buy shares in the housing complex. The co-op is governed by a board of directors, and unit owners have a proprietary lease on their homes.  The operating expenses for co-ops are gleaned through monthly maintenance fees divided among cooperative shareholders and depend on the amount of square footage in each apartment as well as floor space and outdoor space.


There is now a proprietary reverse mortgage secured by the ownership interest in a cooperative apartment unit which allows shareholders to access funds.  The IRS does not consider the proceeds as income, therefore,  the money is not taxable. 


https://www.housingwire.com/articles/new-york-reverse-mortgage-co-op-bill-signed-by-governor/

Purchase or refinance your co-op With a Reverse Mortgage!

PURCHASE A CO-OP WITH A REVERSE MORTGAGE-No mortgage payments.

REFINANCE YOUR HOME WITH A REVERSE MORTGAGE - No mortgage payments.

REFINANCE YOUR HOME WITH A REVERSE MORTGAGE - No mortgage payments.

You can purchase or refi your co-op using a reverse mortgage in New York state. You can also purchase using a reverse mortgage if you own a condo, single family home (1-4 units/live in one unit), or a manufactured home.

SEE PARAMETERS BELOW ON HOW TO QUALIFY!

REFINANCE YOUR HOME WITH A REVERSE MORTGAGE - No mortgage payments.

REFINANCE YOUR HOME WITH A REVERSE MORTGAGE - No mortgage payments.

REFINANCE YOUR HOME WITH A REVERSE MORTGAGE - No mortgage payments.

Would you like to stop making monthly mortgage payments? With sufficient equity in your co-op, we may be able to refinance your mortgage, yet no monthly mortgage payments are required. 

NO AFFECT  ON SOCIAL SECURITY, MEDICARE, RETIREMENT!

REVERSE MORTGAGE PARAMETERS

THE REQUIREMENTS & STEPS TO 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.


REVERSE MORTGAGE COUNSELING

HUD has mandated that reverse mortgage counseling be required in order to obtain a reverse mortgage on any type of property.  


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. 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 throughout the life of the loan. 


APPROVAL FROM THE CO-OPERATIVE'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 you plus certain required documents.


The proprietary reverse mortgage offers many benefits and safeguards for the co-op reverse mortgage. Even if you have a current mortgage balance, as long as there is enough equity in your co-op, you can eliminate monthly mortgage payments while maintaining ownership of your your home.  

  

BEST OF ALL, ON A CO-OP REVERSE MORTGAGE, THERE IS NO MAXIMUM CO-OP VALUE! ANY APPRAISED VALUE WILL WORK. AND THE PROCEEDS ARE TAX-FREE.


Please note:  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. 

NO FHA MORTGAGE INSURANCE ON CO-OP REVERSE MORTGAGES

The reverse mortgage for co-ops in New York state is a proprietary reverse mortgage that is unlike the FHA HECM, Home Equity Conversion Mortgage (another type of reverse mortgage insured by the federal government). There is no up-front mortgage insurance premium (MIP) charged.

The proprietary reverse mortgage also requires no ongoing annual mortgage insurance premium on the balance. 

CONTACT KATHIE ADLER 888-843-9797 OR 631-804-9044

Reverse mortgage or other mortgagE info

Or Call Kathie Adler, Reverse Mortgage Specialist and Mortgage Originator - 631-804-9044

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  • REVERSE MORTGAGE INFO
  • CO-OP REVERSE MORTGAGES!
  • HOW DO I QUALIFY?
  • FINANCIAL PLANNERS
  • REVERSE MORTGAGE MYTHS
  • WHAT ARE THE SAFEGUARDS?
  • REVERSE PROS AND CONS
  • FAQ -QUESTIONS PEOPLE ASK
  • IS IT RIGHT FOR ME?
  • NON-BORROWING SPOUSE
  • HECM LINE OF CREDIT
  • WHEN IS IT DUE?
  • JUMBO REVERSE MORTGAGES
  • HECM COUNSELING
  • REVERSE MORTGAGE STEPS
  • PURCHASE WITH REVERSE
  • KATHIE ADLER-ORIGINATOR
  • DOCUMENTS-UNDERWRITING
  • FIRST-TIME HOMEBUYERS
  • FINDING THE RIGHT LOAN
  • BANK STATEMENT LOANS
  • VA HOME LOANS
  • MANUFACTURED HOMES
  • BLEMISHED CREDIT
  • REMEMBER WHEN...

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