Reverse Mortgage Loans

A reverse mortgage is a type of mortgage loan that is generally available to homeowners 60 years of age or older that permits you to convert some of the equity in your home into cash while you retain ownership. This can be an attractive option for senior citizens who may find themselves “house rich” but “cash poor,” but it is not right for everyone. Reverse mortgages are “non-recourse” loans, which means that if you default on the loan, or if the loan cannot otherwise be repaid, the lender cannot look to your other assets (or your estate’s assets) to meet the outstanding balance on your loan. No payments are due on a reverse mortgage until some trigger event, such as moving out of the home or death of the borrower. Please consult a lawyer, financial advisor or housing counselor before you make any decisions. To learn more or to find a housing counselor, please visit the New York Department of Financial Services.

LSLI’s Foreclosure Prevention Project provides free legal services to homeowners hoping to prevent foreclosure of their homes. Services provided include:

• Legal representation at the various stages of the foreclosure process, including at mandatory court settlement conferences, drafting pleadings, and drafting and opposing motions
• Assist borrowers pursuing loss mitigation options, including loan modifications
• Advice and Counsel

The Project is part of the HOPP network, a Statewide coalition that includes HUD-certified housing counseling agencies. As such, we will make referrals to and collaborate with HOPP funded, non-profit housing counseling agencies. Clients must reside in the homes subject to foreclosure and have low to moderate-income for Long Island, as annually set by HUD. Please call the office closest to you to see if you are eligible for legal services. Interpreters are available. Suffolk residents west of 112 can call 631-232-2400, and east of 112 can call 631-369-1112. Nassau residents can call 516-292-8100.