A Co-op Reverse Mortgage is a loan developed for seniors 62+ years old living in a cooperative apartment. This loan is a proprietary reverse mortgage secured by the ownership interest in a cooperative apartment unit and allows shareholders to access tax-free money.¹
With a Co-op Reverse Mortgage, you can age in place. *
The proceeds are tax-free¹ and can be used however you would like.
A Co-op Reverse Mortgage allows you to receive equity funds from the shares in your co-op apartment.
¹Consult a tax professional. There are costs associated with obtaining a Co-op Reverse Mortgage.* You must comply with all of the loan’s terms and pay your other payment obligations such as cooperative fees, insurance and maintenance fees. Failure to comply with the loan terms and pay your other payment obligations will cause the loan to become due and foreclosure may occur.
Co-op Reverse mortgage loans can help New Yorkers access their co-op unit’s equity to find greater security in retirement. The loan can be used in a number of ways, many of which are helping older adults achieve their financial goals and have a much better retirement.
Tap into your equity and access cash so you can afford to enjoy the next phase of life.*
Convert your co-op unit’s equity into a savings plan and maintain or even enhance your lifestyle.
Get tax-free cash and finance renovations so your home continues to meet your needs.*
Use a co-op reverse to buy a co-op apartment or use the equity in your existing co-op to purchase a second home.
A list of New York Co-op Reverse Mortgage Counselors can be found on the Department of Financial Services website.
Over the past 23 years, Nationwide Equities has distinguished itself as a mortgage lender with a track record of meeting the unique needs of its clients. Our innovative business model means that we have the resources and flexibility of a large-scale mortgage lender and the responsiveness of a hometown brokerage.
NMLS #1408 ¹Consult a tax professional. * You must comply with all of the loan’s terms and pay your other payment obligations such as cooperative fees, insurance and maintenance fees. Failure to comply with the loan terms and pay your other payment obligations will cause the loan to become due and foreclosure may occur. Over time, the appreciation of your share’s value may potentially minimize this decrease of equity. You retain the title to the property that is the subject of the Reverse Co-op Unit Loan until you sell or otherwise transfer the property, and are therefore responsible for paying cooperative fees, insurance, maintenance fees and any related taxes. Failing to pay these amounts or satisfy other obligations of the reverse mortgage loan, including, but not limited to, occupying the property as a primary residence, may cause the reverse mortgage loan to become due and may subject the property to a tax lien or other encumbrance or to possible foreclosure. Interest on a co-op reverse mortgage is not deductible from your income tax return until you repay all or part of the co-op reverse mortgage loan. For counseling, please visit https://www.dfs.ny.gov/consumers/help_for_homeowners/reverse_mortgages/coop_apt_unit_loan_housing_counselors, 1(800)342-3736. CFPB.gov- Reverse Mortgage Discussion Guide: files.consumerfinance.gov/f/documents/cfpb_reverse-mortgage-discussion-guide.pdf. NY #LMBC 106337 Licensed Mortgage Banker, NYS Department of Financial Services.
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