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MORTGAGES AND MORTGAGE BROKERS ON LONG ISLAND, NY

(99 listings) File Created: 26-Aug-08
Aapex Mortgage  
   22 Oakwood Rd., Huntington (Hunt)............................................................. Tel: 631-470-9494
   Fax:......................................................................................................................... 631-824-9117
      
American Home Mortgage  
American Home Mortgage is one of the nation's largest lenders, and is based in Melville, NY.
538 Broadhollow Rd., Melville (Hunt)...................................................Toll-Free:1-888-562-6948
   E-mail:...................... info@mortgageops.com;    Internet:................... www.ahmadvantage.com
93 Main St Shopping Cove, Southampton (SoHmptn)......................................Tel: 631-283-8850
87 Newtown Lane, East Hampton (EHmptn).................................................... Tel: 631-324-7250
   Internet:.....................................................................................................www.americanhm.com
      
American Security Mortgage  
Mortgage financing, mortgage rate calculation, reverse mortgage, and refinance.
   Tel: ........................................ 1-877-796-9230;    Internet:........................ www.asmortgage.com
      
American Security Mortgage - Huntington  
   110 Walt Whitman Rd., Huntington (Hunt)....................................................Tel: 631-549-5200
      
American Security Mortgage - Wopodbury  
   3 Crossways Park Dr W., Woodbury (OysBy).................................................Tel: 516-465-5900
Americana Mortgage Group  
Specialist in jumbo mortgages, home equity loans and refinancing of residential real estate in New York, Long Island, Nassau, Suffolk, and Queens
   Tel: ........................................ 1-888-262-6685;    E-mail:............................... amermtg@aol.com
   Internet:........................................................................................ www.americanamortgage.com
      
Americana Mortgage Group - Hauppauge  
   330 Motor Parkway, Suite305, Hauppauge (Smth)...................................... Tel: 631-300-0102
      
Americana Mortgage Group - Manhasset  
   1615 Northern Blvd., Suite404, Manhasset (NoHmpstd)............................ Tel: 516-627-0200
   Fax:......................................................................................................................... 516-627-0229
      
Americana Mortgage Group - Southampton  
   1673 North Hwy., Southampton (SoHmptn)..................................................Tel: 631-283-2900
      
Ameristar Mortgage Corporation  
   534 Broadhollow Rd., Melville (Hunt)............................................................Tel: 631-621-1200
   Fax:.......................................... 631-621-1185;    E-mail:.......... ameristarmortgage@hotmail.com
Artisan Mortgage Company Fannie Mae and Freddie Mac Loan specialists.
A company small enough to be personal, yet experienced enough to offer the best in mortgage financing.
   724-726 Main St., Islip (Islip)................................................................Toll-Free:1-800-499-0141
   Tel: ........................................... 631-859-9414;    Fax:............................................ 631-859-9419
   E-mail:......................... jim.barry@yahoo.com;    Internet:........ www.artisanhomemortgage.com
      
Atlantic Home Mortgage  
   166 Central Ave., Farmingville (Brkhvn)....................................................... Tel: 631-293-5400
   Internet:................................................................................................... www.atlantichome.com
      
Babylon Funding Group  
We offer 100% financing, no cost home equity lines, bad credit & foreclosure bailouts & many other specialty mortgage products. Licensed in New York and Florida.
   73 Deer Park Ave., Suite1, Babylon (Bab)....................................................... Tel: 631-321-0453
   Toll-Free:................................1-800-913-9419;    Fax:............................................ 631-321-0897
   E-mail:.......................jon@applynowfree.com;    Internet:......... www.babylonfundinggroup.com
Eng; Map
      
Branch Mortgage Consultants  
East Setauket Long Island NY Mortgage and real estate consulting
   222 Main St., East Setauket (Brkhvn).............................................................. Tel: 631-360-0004
   Internet:............................................................................www.branchmortgageconsultants.com
Mo-Fr 8:30-5; Map
      
Capital Resources Company Morthgage and real estate insurance title company
   366 North Broadway, Jericho (OysBy)........................................................... Tel: 516-336-2646
Castle Rock Mortgage Purchases, refinances, home equity lines
150 Broadhollow Rd., Melville (Hunt)............................................................Tel: 631-351-8221
   Internet:.......................................................................................... www.castleRckMortgage.com
1 Hillside Rd., Stony Brook (Brkhvn)............................................................. Tel: 631-689-6555
   E-mail:...................... pkunder1@optonline.net;    Internet:............................. www.pkunder.com
Professional mortgage consultant ; Map
      
Coldwell Banker Mortgage Broker  
   15 West 8th St., Deer Park (Bab)................................................................ Tel: 5164-044-3739
      
Complete Home Mortgage Corporation  
Variety of loan programs at very competitive rate.
   535 Broadhollow Rd., SuiteB-9, Melville (Hunt).............................................. Tel: 631-360-2800
   Internet:..................................................................................www.completehomemortgage.com
      
Consumers Home Mortgage  
Mortgages, mortgage rates, home loans, and refinancing options
   115 Broadhollow Rd., Melville (Hunt).............................................................. Tel: 631-547-6840
      
Countrywide Home Loans Mortgage banker.
   330 South Service Rd., Melville (Hunt)..........................................................Tel: 631-847-8212
   E-mail:.....................................................................................Valerie-Donofrio@countrywide.com
Crestview Mortgage Full processing mortgage brokerage firm
   76A West Montauk Hwy., Hampton Bays (SoHmptn).................................... Tel: 631-728-0300
      
Delta Funding Corporation  
Woodbury NY headquarters of specialty consumer finance company that sells non-conforming mortgage loans through its owned subsidiaries Delta Funding Corporation and Fidelity Mortgage Inc.
   1000 Woodbury Rd., Suite200, Woodbury (OysBy)........................................ Tel: 516-364-4100
   Tel: ........................................... 516-364-8500;    Internet:....................... www.deltafunding.com
      
Divident Funding Mortgage consultant
   1065 Old Country Rd., Suite210A, Westbury (NoHmpstd)..........................Tel: 516-876-1111
   Switchboard:.................................... 631--115;    Fax:............................................516-334-8997
   E-mail:.........................................................................................................smiamiweiss@aol.com
      
East Coast Financial Services  
   2004 Trafalgar Place, Coram (Brkhvn)............................. Internet:www.RonaldMcFarland.com
      
East Coast Funding Provide competitive rates and flexible mortgage programs
   374 South Oyster Bay Rd., Hicksville (OysBy).............................................. Tel: 516-937-7283
   Cellular:.................................... 516-509-5831;    Fax:............................................516-937-0784
   Internet:............................................................................................ www.eastcoastfunding.com
Eastland Mortgage  
East Coast's mortgage company providing refinance, purchase, and jumbo mortgage loan programs
   601 Jericho Tpke., Syosset (OysBy)................................................................Tel: 516-364-1500
   Fax:........................................... 516-364-1515;    E-mail:................ eastlandmortgage@aol.com
   Internet:........................................................................................... www.eastlandmortgage.com
      
Evergreen Mortgage  
Evergreen Mortgage has over 30 broker dedicated to educating prospective homeowners on the financing of their homes.
   55335 Main St., Southold (Sohld).....................................................................Tel: 631-765-1700
   Tel: ........................................... 631-650-0600;    Tel: ............................................ 631-728-0004
   Fax:......................................................................................................................... 631-980-9663
      
Fast Track Funding Free mortgage consultation, any loan amount arranged
   247 West Old Country Rd., Hicksville (OysBy).......................................... Tel: 1-877-327-8485
   Internet:.............................................................................................. www.fasttrackfunding.com
      
Federal Housing Administration  
Foreclosure prevention, no prepayment penalties, non-traditional credit, and low down-payments to help you keep your home.
   All Long Island.............................................................................................. Tel: 1-800-225-5342
   Internet:.................................................................................................................... www.fha.gov
      
First American Home Funding  
   741 Park Ave., Huntington (Hunt)................................................................. Tel: 631-898-8020
First Lincoln Mortgage Huntington Station Long Island NY Mortgage Broker
   33 Walt Whitman Mall Rt 110, Huntington Station (Hunt)............................Tel: 631-547-9700
Mo-Fr 9-5; Map
      
First Millennium Funding  
   100 West Main St., Babylon (Bab)..................................................................Tel: 631-893-3400
   Internet:....................................................................................................... www.fmflenders.com
      
Fortune Mortgage Corporation  
Residential & commercial mortgage, refinance & home equity loans.
   790 New York Ave. (110 so./25A), Suite106, Huntington (Hunt)....................Tel: 1-800-236-7886
   Tel: ........................................... 631-351-2131;    Internet:.......................... www.fortuneusa.com
Main Office: Mo-Fr 9-6; Sales Offices: 24/7; Map
      
Freedom Mortgage  
   380 Town Line Rd., Hauppauge (Smth)........................................................ Tel: 631-865-0506
      
G. & M. Wolkenberg  
   2838 Long Beach Rd., Oceanside (Hmpstd).................................................Tel: 516-536-2525
   Fax:.......................................... 516-536-2519;    E-mail:............................info@wolkenberg.com
   Internet:..................................................................................................... www.wolkenberg.com
Gallagher Associates  
   3505 Veterans Memorial Hwy., SuiteL, Ronkonkoma (Islip)........................Tel: 631-467-1010
   Internet:...............................................................................................................gafinancing.com
      
Global Home Loans and Finance  
   270 South Service Rd., Office25, Melville (Hunt).........................................Tel: 631-393-0236
      
Green Valley Mortgage  
At Green Valley Mortgage, our staff makes your experience comfortable. From the first meeting through the closing, your loan officer is by your side. No cost-No obligation. Green Valley Mortgage can help.
   1741-B North Ocean Ave., Medford (Brkhvn)................................................... Tel: 631-207-2003
   Fax:........................................... 631-207-2005;    E-mail:.............................. marcg@gvmtg.com
   Internet:...................................................................................... www.greenvalleymortgage.com
Eng, Span; Map
      
 
 
Green Street Financial Services, Mortgage Brokers
Mortgages Better Than the Bank.
Let us find the best mortgage for you from over 100 national, regional and local mortgages. Serving Huntington and Long Island.
29 Green St. (Hunt. Village) ............................................................................................. Tel: 877-883-7326
E-Mail: ........... team@greenstreetfinancial.com; Home Page: ............ www.greenstreetfinancial.com
Home Loan Experts  
   155 Pinelawn Rd., Melville (Hunt)................................................................. Tel: 631-752-5455
      
Hometrust Mortgage Bankers Variety of mortgage programs anf home equity loans
   60 Oak Dr., Syosset (OysBy).......................................................................... Tel: 516-921-0040
Hope Funding Group  
Huntington Station Long Island NY Residential mortgage broker commercial mortgage broker
   878 East Jericho Tpk., Huntington Station (Hunt)............................................ Tel: 631-423-8030
   Tel: ........................................... 631-379-0754;    Fax:............................................ 631-423-8032
   Internet:........................................................................................... www.hopefundinggroup.com
Mo-Fr 8:30-5; Map
      
Horizon Mortgage Equities Mortgage loans, refinancing, home equity options
   40 Vernon Valley Rd., East Northport (Hunt)...............................................Tel: 631-757-2500
   Tel: ......................................................................................................................1-888-448-8686
      
HSBC Mortgage Corporation (USA) Personal home loans specialists
   Tel: ....................................... 1-800-338-4626;    Internet:.............................. www.us.hsbc.com
534 Broadhollow Rd., Melville (Hunt)............................................................Tel: 631-752-4375
1564 Main Rd., Jamesport (Sohld)................................................................Tel: 631-722-5328
      
Huntington Community Mortgage Bankers  
   225 Broadhollow Rd., Suite122W, Melville (Hunt)........................................Tel: 631-845-4900
      
InSource Financial Services  
Financial services company specializing in servicing non-conforming residential and commercial mortgage loans
   1160 East Jericho Tpk., Suite217, Huntington (Hunt)...................................... Tel: 631-820-3600
   E-mail:................RLaVigna@InsourceFS.com;    Internet:.......................... www.insourcefs.com
Integrity First Specialize in purchase loans, refinance, debt consolidation and real estate
   3 Seacourt Ln., Port Jefferson (Brkhvn).........................................................Tel: 631-474-9800
   Fax:.......................................... 631-474-9801;    Internet:......................... www.integrityfirst.biz
      
IPI Skyscraper Mortgage Full service mortgage broker company
   33 Flying Point Rd., Southampton (SoHmptn)...............................................Tel: 631-283-9300
   Fax:.......................................... 631-287-1400;    Internet:................................. www.ipisky.com
      
LSB Capital Home mortgage loans, refinancing, and debt consolidation
   376 Mark Tree Rd., Setauket (Brkhvn)......................................................... Tel: 631-246-5700
   Internet:........................................................................................................ www.lsbmoney.com
      
Manchester Company, The  
Large originator's of loans for both residential and commercial mortgages in the state of New York offering first and second mortgages, mortgage refinance options, mixed-use and commercial properties across Long Island based in Huntington
   483 New York Ave. (110 so./25A), Huntington Village (Hunt)................Toll-Free:1-800-270-1434
   Tel: ........................................... 631-385-4949;    E-mail:...........info@manchestercompany.com
   Internet:........................................................................................ www.mortgageoriginators.com
Mo-Fr 8:30-7, Su, Sa 10-4; Map
      
Manhattan Mortgage  
Residential mortgage brokerage company, providing complete latest information on all mortgage resources from loan pre-qualification to closing
   Tel: ........................................ 1-888-593-4343;    Internet:........... www.manhattanmortgage.com
Manhattan Mortgage - Bridgehampton  
Local mortgage resource serving Bridgehamton and East End community in Long Islang NY
   2415 Main St., Bridgehampton (SoHmptn)......................................................Tel: 631-537-7765
   Fax:......................................................................................................................... 631-537-7795
      
Manhattan Mortgage - Est Hampton  
Local mortgage resource serving East Hampton and East End community in Long Islang NY
   75 Main St., fl. 2, East Hampton (EHmptn).......................................................Tel: 631-324-1555
   Fax:......................................................................................................................... 631-324-9505
      
Manhattan Mortgage - Jericho  
Local mortgage resource serving Jericho and Oyster Bay community in Long Island NY
   350 Jericho Tpk., Suite104, Jericho (OysBy)...................................................Tel: 516-937-5555
   Fax:......................................................................................................................... 516-937-5550
      
Manhattan Mortgage - Southhampton  
Local mortgage resource serving Southhamton and East End community in Long Islang NY
   101 Jobs Lane, Southampton (SoHmptn).........................................................Tel: 631-283-6660
   Fax:......................................................................................................................... 631-283-6990
      
Manhattan Mortgage - Westhampton  
Local mortgage resource serving Westhamton and East End community in Long Islang NY
   63 Main St., Westhampton Beach (SoHmptn)..................................................Tel: 631-288-4555
   Fax:......................................................................................................................... 631-288-4544
MCS Mortgage Bankers Patchogue Long Island New York mortgage brokers
   646 Route 112, Patchogue (Brkhvn)............................................................. Tel: 631-475-9800
   Cellular:.................................... 631-767-5781;    Fax:............................................631-289-2687
Mo-Fr 8:30-5; Map
      
Millennium Mortgage  
   50 Woodbury Rd., Huntington (Hunt)............................................................Tel: 631-423-5100
   Internet:..........................................................................................................www.mmcloan.com
      
Mortgage Advantage Corp. Mortgage broker
   410 New York Ave. (110 so./25A), Huntington Village (Hunt)................... Tel: 631-424-5100
   Fax:.......................................... 631-424-5108;    Internet:.......... www.mortgageadvantage.com
      
Mortgage Cube Consultants Mortgages for all types.
   63 Young's Hill Rd., Huntington (Hunt).........................................................Tel: 631-385-7632
   Tel: ....................................... 1-877-367-4223;    Fax:............................................631-385-7623
   E-mail:................................forgabe2@aol.com;    Internet:................... www.mortgagecube.com
Mo-Fr 9-5; Huntington RR; Map
      
Mortgage Financial Services Mortgage lending and refinancing specialist
   145 East Main St., Huntington Village (Hunt)............................................... Tel: 631-351-8800
   Fax:.......................................... 631-351-8876;    E-mail:.................................... info@mtgfin.com
   Internet:..............................................................................................................www.mtgfin.com
Mortgage Zone  
   560 Broadhollow Rd., Suite102, Melville (Hunt).......................................... Tel: 631-673-8444
   Internet:...........................................................................................www.mortgagezoneusa.com
      
Netlink Funding Corp.  
Netlink Funding Corp is a registered brokage within the state of New York. We are also licensed to arrange loans in CT, CO, and FL. "Credibility ~ Professionalism ~ Trust"
   3239 Route 112, Building8, Ste. 4, Medford (Brkhvn)............................. Toll-Free:866-638-8600
   Tel: ........................................... 631-451-0086;    Fax:............................................ 631-451-0118
   E-mail:......................... netlink@optonline.net;    Internet:................... www.NetlinkFunding.com
Mo-Fr 9am to 5pm EST; Eng, Span; Map
      
New York Morgage Company Division of Indymac Bank
   1 Hollow Ln., Suite315, Lake Success (NoHmpstd)......................................Tel: 516-684-3615
   E-mail:................................ dsater@nymc.com;    Internet:.......................www.nymc.com/dsater
      
New York Mortgage, The  
Division of IndyMac Bank, independent mortgage lender providing a vast array of retail and wholesale loan programs.
   148 East Montauk Hwy., Hampton Bays (SoHmptn)........................................Tel: 631-728-2640
   E-mail:.......................... pgorman@nymc.com;    Internet:...................................www.nymc.com
      
NYHomes  
The State of New York Mortgage Agency (SONYMA)is here to help you purchase your first home.
   All Long Island.............................................................................................. Tel: 1-800-382-4663
   Fax:........................................... 212-872-0789;    Internet:.............................. www.nyhomes.org
Par East Mortgage Company  
Mortgage brokerage firm serving the special needs of the East End
   Internet:............................................................................................................ www.pareast.com
      
Par East Mortgage Company - East Hampton  
   15 Toilsome Ln, East Hampton (EHmptn).....................................................Tel: 631-324-8201
   Fax:......................................................................................................................... 631-324-8203
      
Par East Mortgage Company - Riverhead  
   30 West Main St., Riverhead (Rvrhd)............................................................ Tel: 631-369-6000
   Fax:......................................................................................................................... 631-369-9570
      
Par East Mortgage Company - Southhampton  
   97 North Sea Rd., Southampton (SoHmptn)..................................................Tel: 631-287-7955
   Fax:......................................................................................................................... 631-287-7954
      
Park Avenue Mortgage Group  
Mortgage finance solutions for residential and commercial real estate financing with offices in Manhattan, New Jersey, Bridgehampton, Atlanta and Palm Beach
   2487 Montauk Hwy., Bridgehampton (SoHmptn)............................................ Tel: 631-537-9055
   E-mail:...... sales@parkavenuemortgage.com;    Internet:......... www.parkavenuemortgage.com
Parkview Mortgage  
Parkview Mortgage Corp offers home and refinancing options along with personal service to homeowners.
   411 Hempstead Tpk., Suite201, West Hempstead (Hmpstd).......................... Tel: 516-538-4262
   Toll-Free:................................1-888-444-0121;    Fax:............................................ 516-833-7450
   Internet:........................................................................................... www.parkviewmortgage.com
      
Pettedrew Capital Locust Valley Long Island NY Mortgage Brokers
   27 The Plaza, Locust Valley (OysBy)............................................................. Tel: 516-759-3630
Mo-Fr 8:30-5; Map
      
Pinnacle Services  
   900 Hallock Ave., Port Jefferson Station (Brkhvn)........................................Tel: 631-474-5220
   Fax:......................................................................................................................... 631-474-1515
      
Preferred Empire Mortgage Company  
200 Broadhollow Rd., Melville (Hunt)............................................................Tel: 631-547-5151
   Fax:.......................................... 631-547-5439;    Internet:...........www.preferredempiremtg.com
70 Jobs Lane, Southampton (SoHmptn).........................................................Tel: 631-728-1838
   E-mail:........................................................................................................... pgorman@nymc.com
Multi Real Estate mortgage business commercial and residential. ; Map
      
Premium Capital Funding  
   125 Jericho Tpke., Jericho (OysBy)............................................................... Tel: 516-870-1217
Premium Commercial Lending National Commercial mortgage lender and broker
   125 Jericho Tpke., Jericho (OysBy)............................................................... Tel: 516-870-7232
      
Prime Star Mortgage  
Registred mortgage broker group helping with financial solutions for home and college loans, retirement planning and more
   570 Expressway Drive South, Medford (Brkhvn).............................................Tel: 631-475-7600
   Fax:........................................... 631-475-7070;    Internet:............... www.primestarmtgcorp.com
      
Realty Resource Capital Real estate mortgage consulting and management firm
   25 Newbridge Rd., Suite201, Hicksville (OysBy)..........................................Tel: 516-942-5900
   Internet:............................................................................................................. eloansource.com
      
Richard Winters Mortgage Consultants  
Richard Winters offers a full array of mortgage products for homeowners.
   53155 Main Rd., Southold (Sohld)....................................................................Tel: 631-765-5214
      
Royal Consultants  
Royal Consultants provides programs for best home loans, debt consolidation and refinancing
   Tel: ........................................ 1-800-227-4327;    Internet:................. www.royalhomeloans.com
6851 Jericho Tpk., Syosset (OysBy)................................................................Tel: 718-565-2274
Mo-Sa 10-9:30, Su 11-7; Map
575 Underhill Blvd., Suite200, Syosset (OysBy).............................................Tel: 516-921-6171
Senior Funding Group - Reverse Mortgages  
Reverse Mortgage is a safe, federally insured program that allows Senior Homeowners to access cash from the equity in their homes without the obligation of monthly payments.
   247 West Old Country Rd., Hicksville (OysBy)................................................Tel: 631-312-3569
   Fax:........................................... 516-938-6601;    E-mail:.........fmiller@seniorfundinggroup.com
      
Smith Reynolds Financial Services Also called Avanell Financial Services
   2141 Deer Park Ave., Deer Park (Bab)........................................................ Tel: 631-586-5006
   Internet:.....................................................................................www.smithreynoldsfinancial.com
      
Stafford Capital  
   207 Hallock Rd., Suite205, Stony Brook (Brkhvn)........................................Tel: 631-751-4300
   E-mail:............. anne@staffordmortgages.com;    Internet:............. www.staffordmortgages.com
      
Sterling National Mortgage - Great Neck  
   98 Cuttermill Rd., Suite200N, Great Neck (NoHmpstd)..............................Tel: 516-487-0018
      
Sterling National Mortgage - Lindenhurst  
   491 North Wellwood Ave., Lindenhurst (Bab)...............................................Tel: 631-226-6226
Sterling National Mortgage - Melville  
   Maxess Rd., SuiteN204, Melville (Hunt)........................................................Tel: 631-756-8760
      
Sterling National Mortgage - Woodbury  
   177 Crossways Park Dr., Woodbury (OysBy)................................................ Tel: 631-952-8011
      
Triumph Funding Corp. Bank consultants on mortgages and home improvement
   5 Bluegrass Lane, Commack (Hunt)...............................................................Tel: 631-275-7424
      
Ulster Savings Morthage lending center, banking and financial services
   633 East Main St., Riverhead (Rvrhd)...........................................................Tel: 631-369-2333
   Internet:.................................................................................................. www.ulstersavings.com
      
V.A.K. Realty Corporation  
Residential & commercial financing, jumbo mortgages, no income verification mortgages, credit lines, equity loans.
   Tel: ........................................... 631-271-7000;    E-mail:...........................vakmoney@msn.com
   Internet:....................................................................................................www.vakmortgage.com
224 East Jericho Tpk., Huntington Station (Hunt)............................................ Tel: 631-271-7000
   Fax:......................................................................................................................... 631-423-3762
Mo-Su 9-5, Voice Mail after hours; Huntington RR, LIE Exit 49; Map
148 East Main St., Suite101, Huntington (Hunt)...............................................Tel: 631-271-7000
   Fax:......................................................................................................................... 631-271-1193
Mo-Su 9-5, Voice Mail after hours; Huntington RR, LIE Exit 49; Map
Vertical Lend Mortgage broker.
   3 Huntington Quadrangle, Melville (Hunt)...................................................Tel: 1877-692-7762
   E-mail:........................... info@verticallend.com;    Internet:........................ www.verticallend.com
      
Washington Mutual Home Loans Home loan center - mortgages, equity loans
   3033 Express Drive North, Hauppauge (Smth)............................................Tel: 631-342-7170
      
Wells Fargo Home Mortgage  
Home mortgage loans, student and personal loans, banking and investment services
   Tel: ........................................ 1-800-869-3557;    Internet:...........................www.wellsfargo.com
      
Wells Fargo Home Mortgage - Garden City  
   585 Stewart Ave., Suite660, Garden City (Hmpstd).................................... Tel: 516-535-1622
   Fax:......................................................................................................................... 516-248-3364
   Internet:.................................................................www.wfhm.com/ny-nassaubranch-gardencity
      
Wells Fargo Home Mortgage - Hauppauge  
   1393 Veterans Hwy., Suite408N, Hauppauge (Smth)..................................Tel: 631-382-2269
   Fax:.......................................... 631-724-9040;    Internet:................... www.richardsciascia.com
Wells Fargo Home Mortgage - Melville  
   532 Broadhollow Rd., Suite141, Melville (Hunt).......................................... Tel: 631-752-4848
   Fax:.......................................... 631-752-8880;    Internet:...... www.wfhm.com/melvillebranchny
      
Wells Fargo Home Mortgage - Smithtown  
   255 West Main St., Smithtown (Smth)............................................................Tel: 631-360-2000
   Fax:.......................................... 631-360-7987;    Internet:............................... www.wfhm.com/li
      
Zeland Capital Corp. Wholesale prices & retail service.
   12 Bowden Dr., Huntington Station (Hunt)....................................................Tel: 631-385-5600
   Fax:.......................................... 631-385-8119;    E-mail:......................... info@zelandcapital.com
   Internet:...................................................................................................www.zelandcapital.com
      

Reverse Mortgage Explained

In the early 1980’s, the AARP began lobbying congress for a program that would allow senior homeowners to safely turn some of their home equity into additional cash. The AARP was asking for a safe mortgage program which would insure homeowners they would never be forced out of their homes, and that would also relieve them of the burden of monthly payments normally associated with a home mortgage while safeguarding the equity position of the homeowners or their estates.

In 1989 Congress gave birth to HUD’s Reverse Mortgage Program – a Federally insured, Government sponsored program specifically designed for, and only available to senior homeowners over the age of 62.

What is a Reverse Mortgage?

While a Reverse Mortgage is a lien against your home like any other mortgage, that’s pretty much where the similarities end. A Reverse Mortgage is a special, Government sponsored program designed specifically for, and only for - homeowners over the age of 62. Unlike a traditional mortgage, there are no monthly payments to make. There are also no credit, asset or means requirements to qualify for the mortgage.

  • Since there are no monthly payments, the mortgage balance increases over time as interest and other nominal costs are assessed to the loan. This growing balance however, never has to be re-paid until the homeowner leaves the home and is often offset by increasing home value. Homeowners continue to own their homes and can never be forced to move out or sell due to a mortgage balance or a payment they can no longer afford.


  • A Reverse Mortgage is a non-recourse loan. This means that no assets other than the home can be attached to pay off the mortgage. The mortgage balance can never exceed the value of the home regardless of what it could conceivably grow to. Should the value of the mortgage be less than that of the home when the senior leaves, either the homeowner or the estate receive the remaining equity. Taken together, these features offer what is often considered a “Win-Win” situation.


  • Interest Rates and the costs of the most common Reverse Mortgages are set by the Government. Because of this, “shopping for rates” between different banks or brokers becomes a non-issue. The homeowners are free to use the broker or bank that they feel most comfortable with.

The mortgage balance only becomes due when the homeowner sells the home, vacates it for more than 12 months, or when the last surviving borrower passes away. On sale, it is satisfied at closing, as would be any other mortgage. Heirs have the options of paying off the amount due and keeping the home, or of simply selling the home. A surviving Co-borrower (spouse) may continue to remain in the home.

Who Qualifies for a Reverse Mortgage?

Qualification for a Reverse Mortgage is pretty simple.

  • The age of the homeowners must be age 62 or greater.
  • The home must be the primary residence. You have to live there.
  • There can be no other liens on the home. Current liens or mortgages can and must be satisfied from the proceeds available from the Reverse Mortgage. If current liens are greater than the amount available from the Reverse Mortgage, homeowners will not qualify.

Hw does the homeowner access the cash?

Homeowners access the cash in one of four ways. They are:

  • Lump Sum – a single payment of cash.

  • A Line of Credit – You can use or pay back as you like. Unlike a normal Equity Line or Loan, the Reverse Mortgage Line of Credit is available until the homeowner leaves the home with no monthly payments due. The available line unused, also increases.

  • Monthly payments, either term or tenure.

  • Any combination of the above.

Monthly Tenure payments continue for as long as the homeowners or surviving homeowner resides in the home, even if the mortgage balance eventually exceeds the value of the home itself.

How much money can the homeowner get?

The amount the homeowner can receive from a Reverse Mortgage is based on three factors. They are: The Age of the youngest homeowner, Current Interest Rates, the location and Appraise Value of the home.

Essay provided by Category Expert: Frank Miller, Senior Funding Group, Long Island, New York. (631) 312-3569.
Disclaimer: All copyright and responsibility of essay information is the responsibility of author.


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