All Island Mortgage & Funding is based in Smithtown, NY. The company was founded in 1989 and offers reverse mortages in 10 states in the USA.
All Island Mortgage & Funding allows borrowers to apply for the following types of reverse mortgage.
Lump sum. The borrower can access the entire amount immediately. However, you will need to pay interest on the entire amount regardless of whether you spend it.
A line of credit. This is a more flexible option that allows borrowers to only borrow (and pay interest) on the amount they withdraw from their line of credit. In the case of reverse mortgages, the amount of cash available in your line of credit increases as time goes by.
Monthly disbursement. With this option, you get a monthly allowance. This is a good option if you need an additional source of income to cover your living expenses. It can be used in combination with a line of credit for additional flexibility.
Reverse mortgages are a type of mortgage that makes it possible for older homeowners to borrow money by using the value of their home as security.
The maximum loan amount with this lender is $2,250,000. Note that the maximum loan amount you can borrow will vary depending on the value of the property, your age, how much you owe on it, and your creditworthiness.
All Island Mortgage & Funding will typically provide a credit approval decision in less than an hour and fund the loan within 30 and 45 days.
All Island Mortgage & Funding may charge a loan origination fee.
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