You built the equity. Let's put it to work.
Senior Reverse Mortgage Network helps New York homeowners 62 and older turn home equity into usable cash — with no required monthly mortgage payment.*
- 26 years in reverse mortgages
- You keep the title to your home
- Straight answers, no pressure
Serving all five New York City boroughs plus Long Island (Nassau & Suffolk County).
The homes we work with
Many types of homes can qualify for a reverse mortgage, including:
- Single-family homes
- 2–4 unit properties
- Condominiums
- Townhouses
- PUDs
- Certain manufactured homes
Most of these property types are also eligible for our jumbo and proprietary reverse mortgages, designed for higher-value homes. Eligibility depends on HUD requirements for HECM loans, on investor guidelines for proprietary and jumbo products, and on the specifics of the property itself — so the only way to know is to have someone look at it.
Exactly what happens, in order
No surprises. Here is every stage, including the ones other lenders leave off their websites.
Free consultation
We answer your questions and tell you honestly whether it's a fit.
HUD counseling
Required by law. You meet with an independent, HUD-approved counselor — not us.
Application
We complete it together and gather your documents.
Appraisal
A licensed appraiser establishes your home's value.
Underwriting
Your file is reviewed for final approval.
Approval
Your terms are confirmed in writing.
Closing
You review and sign. We go through every figure with you first.
Funds disbursed
You receive your proceeds the way you chose.
What homeowners do with the money
Every file is different. These are the reasons people most often come to us.
Retire the mortgage payment
Pay off the existing mortgage and remove the required monthly payment* — often the single biggest line in a retirement budget.
Clear high-interest debt
Replace credit card or personal loan balances that are compounding faster than any retirement account is growing.
Fund care at home
Cover in-home care, home modifications, or a spouse's medical costs without selling the house.
Open a line of credit
Set up a line now and leave it unused. The available amount may grow over time, and it's there if you need it later.
Stop drawing down investments
Use housing wealth instead of selling assets in a down market. Worth a conversation with your financial advisor.
Buy a different home
HECM for Purchase lets you buy your next home without taking on a required monthly mortgage payment.* More below.
Buying your next home? There's a third option.
Most buyers over 62 think they have two choices: pay all cash, or take a conventional mortgage and a monthly payment into their eighties. There's a third. HECM for Purchase lets you buy a home using a down payment plus a reverse mortgage — with no required monthly principal and interest payment.*
- Your down payment is based on your age. The older the youngest borrower, the less you put down. It typically lands somewhere between roughly a third and two-thirds of the purchase price.
- No required monthly P&I payment.* You still cover property taxes, insurance, and upkeep, and the home has to stay your primary residence.
- The rest of your cash stays yours. Money you don't put into the down payment stays in the bank or in your portfolio, where it keeps working.
Older buyer, smaller down payment
Roughly how the required down payment moves with age.
Illustration only. Your actual required down payment depends on the age of the youngest borrower, current interest rates, HUD principal limit factors, and the purchase price. We'll run your exact figures before you make any decision.
Where Experience Shows Up
Most files aren't simple. Ours rarely are.
Age and home value are only the starting point. The real work is understanding the client, the property, and what they're trying to accomplish.
HECM
For many homeowners, the FHA-insured HECM is exactly the right structure — and often the most straightforward path.
Proprietary & jumbo
Sometimes a proprietary solution such as HomeSafe makes more sense, particularly on higher-value homes that a HECM can't fully serve.
HECM with a LESA
In certain HECM situations, a Life Expectancy Set-Aside can hold back proceeds for future property taxes and insurance, addressing an ongoing concern up front.
The point isn't to force every client into the same reverse mortgage. It's to understand the situation and find the strategy that fits.
We regularly work through:
- Existing mortgages and other liens
- Younger or non-borrowing spouses
- Trusts, estates, and complicated ownership
- Single-family homes, duplexes, and other 2–4 unit properties
- Condos, townhouses, and PUDs
- Property condition and required repairs
- Retirement and non-traditional income
- Property tax, insurance, and other property-charge issues
- Higher-value homes that may call for a proprietary or jumbo reverse mortgage
- Clients who need a different strategy because traditional financing doesn't fit
Every file is different. The goal is to understand the entire situation and determine what actually works. That's where experience shows up.
26 years in one product, in one market
We don't do reverse mortgages alongside twenty other loan types. It's what we do. That focus is why we can tell you in a first conversation whether this makes sense for you — and, when it doesn't, say so.
Senior Reverse Mortgage Network is powered by Jet Direct Mortgage (NMLS #3542): a local team you can actually reach, backed by an established, fully licensed lender.
Costs & repayment
What It Costs
Like any mortgage, a reverse mortgage has costs. There are fees for things like the appraisal, closing, origination, and FHA mortgage insurance.
The good news is that many of these costs can be financed rather than paid out of pocket.
We'll go through every cost with you upfront, so you know exactly what you're getting into before you make a decision.
How It's Repaid
A reverse mortgage is designed to let you stay in your home without making monthly mortgage payments, as long as you continue to meet the loan requirements.
The loan generally becomes due when the last surviving borrower sells the home, permanently moves out, or passes away.
An important protection for eligible spousesIf one spouse is not a borrower on the reverse mortgage, HUD rules may allow that surviving spouse to remain in the home after the borrowing spouse passes away, provided the requirements are met.
If the loan does become due, the home can be sold to repay it, or you or your heirs may have other options. And with an FHA-insured HECM, you and your heirs are protected from personal liability beyond the value of the home.
That's an important benefit, and one we make sure you understand before you make a decision.
What homeowners say
“Our reverse mortgage has been a giant game changer for the better! So much stress has been lifted and our standard of living has drastically improved. Perry guided us through the whole process with straightforward plain talk and made the whole process crystal clear. Would highly recommend.”
“Best decision we ever made was going with Perry Pappas — cleared up a lot of the mystery. Going on two years and we're both enjoying our new and improved lifestyle and peace of mind!”
Long Island and all five boroughs
We know these markets, these property types, and these municipalities.
Long Island
- Nassau County
- Suffolk County
New York City
- Manhattan
- Brooklyn
- Queens
- The Bronx
- Staten Island
Your clients' home may be one of their largest assets.
The question is whether you're considering that equity as part of the solution.
For the right 62+ homeowner, a reverse mortgage can be a powerful financial tool — not simply a way to eliminate a mortgage payment. It can create liquidity, improve retirement cash flow, preserve other assets, help a client stay in their home, or provide another option when traditional financing doesn't work.
This applies to financial advisors, wealth managers, CPAs, estate and elder-law attorneys, insurance professionals, divorce professionals, and real-estate agents.
The goal isn't to turn you into a reverse mortgage expert. It's to give you a resource you can call when a client's home equity may be part of the answer.
If you have a 62+ client who is asset-rich but cash-flow constrained, carrying a mortgage into retirement, considering a move, or facing a major financial transition, let's look at the situation together.
Sometimes the best solution is already sitting in the client's home.
Strategies worth knowing
- HECM reverse mortgages for retirement and housing needs
- Proprietary and jumbo reverse mortgages for higher-value homes
- HECM for Purchase (H4P) for qualified buyers 62+ purchasing a primary residence
- Solutions for clients with substantial equity but limited income or borrowing options
Frequently asked questions
Do I still own my home?
Yes. You keep the title. The loan is secured against the property the same way a traditional mortgage is, but you remain the owner.
Who qualifies?
Generally the youngest borrower must be at least 62, the home must be your primary residence, and you need sufficient equity. There's also a financial assessment covering property taxes and insurance. We'll review your specific situation in the first conversation.
Will I have a monthly mortgage payment?
There is no required monthly mortgage payment.* You remain responsible for property taxes, homeowner's insurance, and maintenance, and the home must stay your primary residence.
What if my spouse is under 62?
A spouse under 62 can usually be listed as an eligible non-borrowing spouse, which allows them to remain in the home if the borrowing spouse passes away or moves out permanently. The rules are specific and worth walking through carefully — this is one of the most common questions we get.
How much money can I receive?
It depends on the age of the youngest borrower, your home's value, current interest rates, and the loan type. The calculator gives a quick estimate. We'll give you exact figures in writing.
Is the money taxable?
Reverse mortgage proceeds are generally not treated as taxable income, because the money is loan proceeds rather than earnings. Confirm your own situation with your 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 repayment belongs to them. Because it's an FHA-insured loan, if the home sells for less than the balance owed, your heirs are not responsible for the shortfall.
Can I use a reverse mortgage to buy a home?
Yes — that's HECM for Purchase. You bring a down payment based on the age of the youngest borrower, and the reverse mortgage funds the rest, with no required monthly principal and interest payment.* It's a common move for people downsizing, relocating closer to family, or buying a single-level home.
See how a reverse mortgage works
A few minutes, in plain language.
Let's find out what your equity can actually do.
One conversation, real numbers, and a straight answer — including if the answer is no.
*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.
HECM for Purchase down payment illustrations shown on this page are examples only and do not represent an offer of credit or a commitment to lend. Actual required down payment varies with the age of the youngest borrower, current interest rates, HUD principal limit factors, and the purchase price.