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For most New Yorkers, “there is no place like home. ”Yet, with more state residents over the age of 62 facing tough economic decisions that impact their ability to afford to stay here, the option of being able to take out a New York reverse mortgage can be very attractive. This is especially true for those who find themselves “cash poor” but “equity rich.” Equity being the difference between the appraised value of the home and outstanding mortgage balance.

Basically, a New York reverse mortgage works like a conventional mortgage, except that in this case the lender makes payments to the borrower against the value of the house. Yet, unlike normal home equity loans, the majority of New York reverse mortgages don’t require any payment of principal, interest and certain fees as long as the owner continues to live in their home. Nor are there any restrictions on how the money can be spent, with the exception being that if the owner has an outstanding home loan, part of the reverse mortgage must first be used to pay it off in full. Homeowners also need to understand that although the lender may be paying them, they retain title to their houses. They also retain the responsibility of paying all taxes, and expenses including utilities, insurance, and repair costs etc.