Reverse Mortgage for Seniors in New York
How New York homeowners age 62+ can turn home equity into tax-free cash to strengthen their retirement.
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Reverse Mortgages for New York Homeowners 62+
Turn your home equity into tax-free cash — with no monthly mortgage payment.
Stay in the home you love while you free up the equity you've built. Senior Reverse Network guides New York homeowners through every step, with no pressure and no obligation.
- Local, New York–based guidance
- No monthly mortgage payments*
- Free, no-obligation consultation
Serving all five New York City boroughs plus Long Island (Nassau & Suffolk County).
About Senior Reverse Network
Trusted, local guidance for an important decision
For many homeowners, the family home is their single largest asset. Our mission is simple: help New York seniors understand whether a reverse mortgage fits their retirement — clearly, honestly, and without pressure.
Senior Reverse Network is powered by Jet Direct Mortgage (NMLS #3542), so you get the personal attention of a local team backed by an established, fully-licensed lender.
62+
Eligible homeowner age
5
NYC boroughs served
$0
Monthly mortgage payment*
The Basics
What is a reverse mortgage?
A reverse mortgage lets homeowners 62 and older convert part of their home equity into cash. Instead of you paying the lender each month, the lender pays you — and the loan is typically repaid when you sell, move out, or pass away. You keep the title to your home.
| Traditional mortgage | Reverse mortgage | |
|---|---|---|
| Monthly payments | You pay the lender | The lender can pay you* |
| Home title | You hold the title | You keep the title |
| Loan balance over time | Goes down | Generally goes up |
| Typical repayment | Monthly, over the term | When you sell, move, or pass away |
| Age requirement | None | Youngest borrower 62+ |
Watch
See how a reverse mortgage works
A few minutes that explain the essentials in plain language.
Why Homeowners Choose It
The benefits of a reverse mortgage
Stay in your home
Continue living in the home you love while accessing its equity.
Free up cash flow
Eliminate your monthly mortgage payment* and ease your budget.
Tax-free proceeds
Loan proceeds are generally not considered taxable income.
Keep the title
You remain the owner of your home throughout the loan.
Flexible payouts
Receive funds as a lump sum, monthly payments, a line of credit, or a mix.
Age in place
Use the funds to make retirement on your terms more comfortable.
Step by Step
The reverse mortgage process
A clear path from your first question to funds in hand. We're with you the whole way.
1
Free consultation
We answer your questions and see if it's a fit — no obligation.
2
HUD counseling
Meet with an independent, HUD-approved counselor.
3
Application
We complete your application together and gather documents.
4
Appraisal
A licensed appraiser determines your home's value.
5
Underwriting
Your file is reviewed for final approval.
6
Approval
Your loan terms are confirmed and finalized.
7
Closing
You review and sign your final documents.
8
Funds disbursed
You receive your proceeds in the way you chose.
Good to Know
Costs & repayment
What does it cost?
Like any home loan, a reverse mortgage has costs — such as origination fees, mortgage insurance, an appraisal, and standard closing costs. Many of these can be financed into the loan. We'll walk you through every figure before you commit.
How is it repaid?
The loan generally becomes due when the last borrower sells the home, moves out permanently, or passes away. The home is typically sold to repay the balance, and any remaining equity belongs to you or your heirs.
Where We Work
Serving all five boroughs & Long Island
Local help across New York City and Long Island — including Nassau & Suffolk County.
New York City
- Manhattan
- Brooklyn
- Queens
- The Bronx
- Staten Island
Long Island
- Nassau County
- Suffolk County
Your Team
Meet the people who'll help you
Questions & Answers
Frequently asked questions
Do I still own my home?
Yes. With a reverse mortgage you keep the title to your home. The loan is secured against the property, just like a traditional mortgage, but you remain the owner.
Who qualifies for a reverse mortgage?
Generally, the youngest borrower must be at least 62, the home must be your primary residence, and you need sufficient equity. We'll review your specific situation during your free consultation.
Will I have a monthly mortgage payment?
No required monthly mortgage payment.* You remain responsible for property taxes, homeowner's insurance, and maintenance, and for keeping the home as your primary residence.
How much money can I receive?
It depends on your age, your home's value, current interest rates, and the loan type. Our free calculator gives a quick estimate, and we'll provide exact figures during your consultation.
Is the money taxable?
Reverse mortgage proceeds are generally not treated as taxable income. We always recommend confirming your specific situation with a tax advisor.
What happens to my heirs?
When the loan becomes due, your heirs can repay the balance and keep the home, or sell it. Any remaining equity after the loan is repaid belongs to them.
Ready to see what your home equity can do?
Get a free, no-obligation quote — or call us and talk to a real person who knows New York.
From Our Blog
News & articles
Tips and insights on reverse mortgages and retirement.
New York
Nassau County
Reverse Mortgage Retirement Strategy for Nassau County Homeowners
A retirement-income strategy for Nassau County homeowners using a reverse mortgage to ease monthly cash flow.
Read more →
Suffolk County Reverse Mortgage Guide
What Suffolk County homeowners need to know about qualifying for and using a reverse mortgage.
Read more →
The Housing Longevity Framework
Will your home support the next 20 years of retirement? A simple framework for evaluating your housing.
Read more →*Borrower remains responsible for property taxes, homeowner's insurance, and home maintenance, and must keep the home as a primary residence to avoid the loan becoming due. Failure to meet these obligations may result in default. Equal Housing Lender.
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