Business Details
37 Years
experience
Your Trusted Mortgage Partner in Smithtown, NY
All Island Mortgage & Funding has been a family-owned and operated mortgage business since 1989, serving clients across New York, New Jersey, Florida, Montana, Pennsylvania, Connecticut, Washington, Alaska, California, Texas, Maine, and Colorado. As an FHA- and VA-approved lender and member of the National Reverse Mortgage Lenders Association, we specialize in reverse mortgage financing while offering a comprehensive range of loan products. Our team of knowledgeable professionals provides personalized service, assigning a dedicated loan specialist to each client regardless of loan size or credit situation.With decades of industry experience, we prioritize transparency, ensuring clients understand all loan details and costs before closing. Our commitment to quality service has earned us partnerships with major banking institutions and consistent recognition as a top broker. We combine technical expertise with ethical practices to help clients achieve homeownership, refinance existing mortgages, or secure financial stability through reverse mortgages.
Services
Reverse Mortgages
FHA Loans
VA Loans
Fixed Rate Mortgages
Adjustable Rate Mortgages
HARP 2.0 Refinance
Commercial Loans
Debt Consolidation
College Financing
Purchase/Refinancing
Details
- Year established: 1989
Highlights and features
- Family-owned since 1989 with decades of mortgage industry experience
- Personalized loan specialist assigned for every client's entire process
- Specialize in reverse mortgages for senior financial stability
- Offer same-day approvals and in-home closings for convenience
- Serve all credit situations with transparent loan details upfront
Associations and certifications
- National Reverse Mortgage Lenders Association
- Federal Housing Administration (FHA)
- Department of Veteran Affairs (VA)
- NMLS (Nationwide Multistate Licensing System)
What people say
Personalized service
Stress-free process
Expert guidance
Professional and caring
Highly recommended
Services
Reverse Mortgages
Reverse mortgages allow senior homeowners to convert home equity into cash while maintaining residency. This service provides financial flexibility for retirees through lump sums, monthly payments, or credit lines. Our specialists guide clients through HUD-approved programs while explaining associated costs and long-term implications.
FHA Loans
FHA loans offer low down payment options (as low as 3.5%) with flexible credit requirements. Designed for first-time homebuyers and those with moderate incomes, these mortgages include fixed-rate and adjustable-rate options. Our team simplifies the application process while explaining mortgage insurance requirements.
VA Loans
VA loans provide zero-down payment options for eligible military veterans and service members. These mortgages feature competitive rates with no private mortgage insurance requirements. We assist veterans through the certificate of eligibility process and explain service-specific benefits.
Fixed Rate Mortgages
Fixed-rate mortgages maintain consistent principal and interest payments throughout the loan term. Available in 15-, 20-, and 30-year terms, these loans protect against market fluctuations. Our advisors help determine optimal loan durations based on financial goals.
Adjustable Rate Mortgages
ARMs feature initial fixed-rate periods followed by market-adjusted rates. Suitable for short-term homeowners, these mortgages offer lower initial rates with clear adjustment schedules. We explain index-based rate changes and lifetime cap protections.
People
Kevin Bailie
Reverse Mortgage Specialist
Kevin Bailie brings over 25 years of mortgage expertise to All Island Mortgage. Specializing in reverse mortgages, he provides personalized guidance through complex financial decisions while maintaining exceptional client communication throughout the process.
Bob Schiano
President
As President and founder, Bob Schiano leads with 30+ years of mortgage industry experience. He oversees all loan operations and maintains direct client relationships, particularly for complex reverse mortgage cases requiring specialized attention.
Questions
When should I consider refinancing my mortgage?
Refinance when rates drop 1-2% below your current rate to reduce payments. Even small reductions create savings over time through lower monthly payments.
What are discount points and should I pay them?
Points lower your interest rate by paying upfront fees (1 point = 1% of loan amount). Most beneficial for long-term homeowners seeking reduced monthly payments.
How does APR differ from my mortgage interest rate?
APR includes both your interest rate and additional loan costs like points and fees, providing a complete picture of your mortgage's annual cost.
What documents are required for a mortgage application?
Provide income verification (pay stubs, tax returns), asset documentation (bank statements), property details, and credit history. Self-employed applicants need additional financial records.
How do credit scores impact mortgage approval?
Credit scores determine loan eligibility and interest rates. Higher scores (above 700) qualify for better terms, while scores below 620 may require specialized loan programs.
What happens during mortgage closing?
Ownership transfers occur at closing through document signing and fund disbursement. Bring required identification and be prepared to review all loan terms before finalizing.
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