The Reverse Mortgage Division of J.M. Capital Group (NY Registered Broker NMLS #: 12890) (JMCG) is headquartered at 20 Broadhollow Road, Suite 2008b, Melville NY 11747. JMCG conducts business in NY (Licensed Mortgage Broker-NYS Department of Financial Services); A reverse mortgage increases the principal mortgage loan amount and decreases home equity (it is a negatively amortizing loan).
JMCG works with lenders and financial institutions that offer reverse mortgages. To process your request for a reverse mortgage, JMCG may forward your contact information to such lenders for your consideration of reverse mortgage programs that they offer.
Borrowers are responsible for paying property taxes and homeowner’s insurance (which may be substantial). We do not establish an escrow account for disbursements of these payments. A set-aside account can be set up to pay taxes and insurance and may be required in some cases. Borrowers must occupy home as their primary residence and pay for ongoing maintenance; otherwise the loan becomes due and payable. The loan also becomes due and payable when the last borrower, or eligible non-borrowing surviving spouse, dies, sells the home, permanently moves out, defaults on taxes or insurance payments, or does not otherwise comply with the loan terms.
JMCG is an equal housing lender. These materials are not from HUD or FHA and were not approved by HUD or a government agency. St. John Bannon is a NY Registered Mortgage Loan Originator NMLS #: 149880
You may contact J.M. Capital Group LLC at:
J..M Capital Group
20 Broadhollow Rd
Melville, NY 11747