Reverse Mortgage Lending Authority
Pursuant to 3 NYCRR 79.3, The Department of Financial Services accepts applications to engage in reverse mortgage lending activity.
New York licensed mortgage bankers that wish to engage in reverse mortgage lending activity must apply for authority to conduct reverse mortgage lending. Applicants can apply for either of the following authority:
- Reverse Mortgage (HECM) Lending Authority
- Restricted to the origination of Home Equity Conversion Mortgages by an FHA approved Non-supervised lender with Title II HECM authority.
- Reverse Mortgage Lending Dual Authority
- Grants authority to originate proprietary reverse mortgage loans and HECMs.
Submitting a Complete Application
To ensure that your application is received, acknowledged as complete, and processed, please follow the instructions below. No application shall be deemed to be complete until the Department has received all required information and documents. If an application is determined to be incomplete, the applicant will receive a written notice identifying the items and matters that must be addressed for the Department to continue the application review process.
If a complete response fully addressing all such items and matters to the satisfaction of the Department is not received within 30 days of sending such notice, the application will be considered withdrawn. Any applicant seeking authorization to engage in reverse mortgage lending following the withdrawal of an application must submit a new application that must include all required information and documents.
Notice of Receipt of Application
After all required components of the application are received by the Department, a notification confirming receipt will be mailed to the applicant.
Please note that the notice of receipt is based on an initial review and additional materials may be requested during the processing of the application.
Approval or Denial
After the application has been processed, you will receive written notification of the approval or denial of the application.
Application documents must be mailed to the following address:
New York State Department of Financial Services
Attention: Mortgage Banking – Reverse Mortgage Application
One State Street, New York, NY 10004
Temporary COVID-19 Electronic Application Submission Process
To minimize the impact our remote operations may have on pending applicants, the Department will accept Reverse Mortgage Applications documents electronically. Going forward, in addition to mailing the original documents to the Department, application related documents should be submitted electronically to [email protected].
Applicants are reminded of their responsibility to ensure documents containing confidential information are encrypted or password protected and to send the encryption key or password in a separate email.
- Reverse Mortgage Lending (Dual) Authority Instructions
- Reverse Mortgage (HECM) Lending Authority Instructions