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Find the Best Reverse Mortgages in Buffalo, NY

Home values in Buffalo have risen 9% over the past year and are expected to go up by 8% in the next year, according to Zillow at the time of publishing. With growing equity, older homeowners who want more cash may be interested in a reverse mortgage. The Buffalo News has partnered with ConsumerAffairs to create this guide by comparing local popularity and product selection of 30 businesses and choosing six favorites from the top reverse mortgage companies in Buffalo.

Companies pay ConsumerAffairs to be authorized, and The Buffalo News and/or ConsumerAffairs may receive compensation when you click a link, call a number or fill out a form on this site.

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What are the different types of reverse mortgages in Buffalo?

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There are three types of reverse mortgages. The right type of reverse mortgage for you depends mainly on how you want to spend the money, the value of your home, how much you want to borrow and how you want to receive the funds.

Home Equity Conversion Mortgages

Home Equity Conversion Mortgages (HECMs) are the most common type of reverse mortgage. They are federally insured. Interest rates can be fixed or adjustable. You can choose to receive payment in a lump sum, monthly, through a line of credit or in a combination of ways. You can use the cash from a HECM for anything, like investing or remodeling a bathroom.

To obtain a HECM in Buffalo, you must first meet with an approved counselor to go over requirements, financial implications and alternatives.

Proprietary reverse mortgages

Proprietary reverse mortgages are privately backed, so they don’t have the same restrictions as HECMs. Jumbo reverse mortgages are proprietary reverse mortgages that allow owners of higher-value homes with small mortgages to borrow more than the federal maximum for a HECM. Companies offer proprietary reverse mortgages that, unlike HECMs, have no mortgage insurance premiums and no limits on proceeds in the first 12 months.

Single-purpose reverse mortgages

In a single-purpose reverse mortgage, the lender chooses how the borrower can use the money. For example, the lender might specify that funds can only be used for paying property taxes or making home repairs.

Single-purpose reverse mortgages are offered by state and local government agencies and nonprofits, and they aren’t available everywhere.

Reverse mortgage requirements and process in Buffalo

Reverse mortgage requirements in Buffalo can slightly differ based on the type of reverse mortgage and the lender. For a HECM, the most common type of reverse mortgage, the requirements are as follows:

  • Age: You must be at least 62.
  • Homeownership: You must own the property outright or have paid down a considerable amount of your mortgage. The property must be your principal residence and meet all Federal Housing Administration standards and flood requirements.
  • Finances: You can’t be delinquent on federal debt, and you must be financially able to pay property taxes and homeowners insurance costs.
  • Counseling: To get a HECM, you must participate in a consumer information session with a government-approved counselor.

Be prepared when applying for a reverse mortgage in Buffalo to hand over proof of income and assets and a list of your monthly living expenses. The lender will also check your credit history.

Before taking out a reverse mortgage, you should compare loan options, interest rates and fees from different lenders. Questions you might want to ask a counselor or company representative include:

  • What are the upfront fees and costs and the ongoing costs of a reverse mortgage?
  • What responsibilities do I have once I take out a reverse mortgage?
  • How will I receive the money? Will it be in a lump sum, monthly payments or a line of credit? Can I choose?
  • How does a reverse mortgage affect my existing mortgage?
  • How does a reverse mortgage affect my spouse or others living with me?
  • What happens if I choose to move or have to move, or if I die?
  • Are there other options I should consider?

Avoid any reverse mortgage company that pressures you or tries to rush you through the process. Be aware that there are reverse mortgage scams. And know that with most reverse mortgages, you have a “right of rescission,” giving you three business days after closing to cancel for any reason without penalty.

Buffalo reverse mortgage FAQ

What is a reverse mortgage?

A reverse mortgage converts part of your home equity into payments from a lender. You don’t need to pay back the loan for as long as you live at the home. The most common type of reverse mortgage, a HECM, gives you options for receiving the funds and allows you to spend them however you want. Reverse mortgages have fees and interest like other types of loans, and you are still responsible for paying property taxes and homeowners insurance premiums. When you move out of the home or die, you, your spouse or your estate is responsible for repaying the loan.

What are the advantages of a reverse mortgage in Buffalo?

A reverse mortgage can give you extra financial flexibility by providing an “advance” on your home equity. A HECM, the most common type of reverse mortgage, gives you different payment options and the ability to spend the money however you wish. A reverse mortgage lets you stay in your house. The funds are usually tax-free and don’t affect your Social Security or Medicare benefits.

How much can you get on a reverse mortgage in Buffalo?

The amount you can borrow with a reverse mortgage in Buffalo depends on how old you are, the type of reverse mortgage, your home’s appraised value, current interest rates and your financial situation. Government-backed HECMs have a borrowing limit of $765,600 at the time of publishing. Jumbo reverse mortgages have higher borrowing limits.

Buffalo reverse mortgage lender information

Finance of America Reverse

Finance of America Reverse has been offering retirement solutions for over 17 years. FAR offers HECMs, HomeSafe jumbo mortgages with loan amounts up to $4 million and “reverse for purchase” loans for those who want to relocate. Contact FAR by phone or online to ask questions and start your application.

Finance of America Reverse

Liberty Reverse Mortgage

Liberty Reverse Mortgage is one of the largest lenders of HECMs in the U.S. Buffalo customers benefit from competitive pricing, in-house underwriting and processing, and live support during business hours. Products include HECMs, HECMs for Purchase and EquityIQ jumbo reverse mortgages. Liberty’s “Iron Clad Guarantee” promises to beat competitor pricing and to close a loan within 60 days, or you get a gift card and/or credit toward closing costs. Contact Liberty Reverse Mortgage to find out how you can complete your reverse mortgage application entirely online.

Liberty Reverse Mortgage

American Advisors Group

American Advisors Group has been helping clients find financial security in retirement for over a decade. Products include HECMs and Advantage jumbo reverse mortgages for owners of higher-value homes. AAG also helps older adults relocate with a “reverse for purchase” loan. Contact AAG to speak with a trained reverse mortgage professional and ask about its free info kit.

American Advisors Group Learn More (800) 485-9418

Reverse Mortgage Funding LLC

Reverse Mortgage Funding LLC is a reverse mortgage lender and servicer. Customers have access to HECMs, “reverse for purchase” loans and the proprietary Equity Elite reverse mortgage for higher-value homes. Visit RMF’s website to view a variety of reverse mortgage resources. RMFs local reverse mortgage specialist is based at 141 Sully's Trail, Ste. 08A, Pittsford, NY 14534.

Reverse Mortgage Funding LLC

Longbridge Financial, LLC

Longbridge Financial, LLC is a reverse mortgage lender that offers HECMs, HECMs for Purchase and a proprietary reverse mortgage called Longbridge Platinum. The company promises personalized solutions, no hidden fees, live support and regular updates on loan status. Contact Longbridge Financial, LLC for a free, no-obligation info kit.

Longbridge Financial, LLC


LendingTree is an online loan marketplace that connects consumers to lenders. Use its reverse mortgage calculator to figure out how much you might be able to borrow, then answer a few questions to start getting offers. You can also call to get a quote. There is no cost to use LendingTree. The company has been in business for 22 years and helped over 100 million customers.