Help for Homeowners and Tenants


Reverse Mortgage Loans

A reverse mortgage is a type of mortgage loan that is generally available to homeowners 60 years of age or older that permits you to convert some of the equity in your home into cash while you retain ownership. This can be an attractive option for senior citizens who may find themselves “house rich” but “cash poor,” but it is not right for everyone. Reverse mortgages are “non-recourse” loans, which means that if you default on the loan, or if the loan cannot otherwise be repaid, the lender cannot look to your other assets (or your estate’s assets) to meet the outstanding balance on your loan. Consult a lawyer, financial advisor or housing counselor before you make any decisions.

In New York, there are two types of reverse mortgage loans available to senior borrowers. The first, also known as a Home Equity Conversion Mortgage, or HECM, is a reverse mortgage loan that is made in accordance with the requirements of the Home Equity Conversion Mortgage program operated by the Federal Housing Administration. HECMs are the only reverse mortgages insured by the Federal Government.

The second, referred to as a proprietary reverse mortgage, is a mortgage loan that is made in accordance with the requirements of New York State Law.  A reverse cooperative apartment unit loan is a proprietary reverse mortgage secured by a borrower’s interest or shares in a cooperative housing entity and, as such, is not affiliated with the HECM product or the Federal Government at all. Instead, it is governed by New York State laws and rules. Your lender must provide you with the telephone number and website address for a reverse cooperative apartment unit loan counselor. Consult a lawyer, financial advisor, or reverse Coop Apartment Unit loan counselor  before you make any decisions.

Vacant or Abandoned Properties

Watch Out for Scams and Fraud

NMLS Consumer Access to Mortgage Loan Originators List

NMLS Consumer Access is a free service for consumers to confirm that the financial-services company or professional with whom they wish to conduct business is authorized to conduct business in their state.