New York County · New York

Sell Your Reverse Mortgage House Fast in Manhattan

New York has its own reverse mortgage regulatory framework under the New York Banking Law §6-h, administered by the New York State Department of Financial Services (NYDFS), which imposes counseling and disclosure requirements on New York-originated reverse mortgages in addition to the federal HUD/FHA HECM standards. When a New York homeowner with a HECM dies or permanently vacates, the standard federal HUD timeline applies — 30-day initial response, extensions up to six months for an active sale — but if those deadlines are missed, the HECM servicer must pursue foreclosure through New York's judicial system, which as a judicial foreclosure state takes 18 to 36 months or more to complete. The irony of New York's long foreclosure timeline is that it actually provides HECM heirs with a longer window before the property is finally lost compared to non-judicial states, but the accumulation of servicer fees, insurance advances, and interest during that period can significantly erode the estate's recovery. New York City HECM situations have an additional layer of complexity: co-op apartments (which comprise a substantial portion of NYC housing) are typically not eligible for HECM mortgages, so NYC reverse mortgage situations usually involve condominiums or fee-simple homes in the outer boroughs or the suburbs — markets where we have direct experience completing HECM-related sales efficiently.

• Close before the HUD/servicer 30-day deadline
• We work directly with the HECM servicer for you
• No out-of-pocket costs to the estate
• Heirs protected from deficiency on FHA-insured HECMs