Into the Ny, there are two main kind of reverse mortgages offered to senior borrowers

HECMs will be only opposite mortgage loans insured from the Government. Another, described as an exclusive reverse financial, is a mortgage have a glimpse at the weblink that’s produced in accordance to the standards of brand new York’s Real property Legislation Point 280, or 280-good. Area 79 applies to each other proprietary and you may HECM reverse mortgage loans.

The first difference between a good HECM and exclusive contrary financial concerns the maximum loan amount available lower than each type away from financing. According to the HECM system, the utmost loan amount try capped. Exclusive opposite mortgage loans, concurrently, lack a cover. Its therefore that they’re will known due to the fact jumbo opposite mortgage loans. Continue reading