It's helpful to work with reverse mortgage licensed specialists in the area because they understand the real estate environment in your state. Please fill out the form on this page to have a reverse mortgage specialist contact you. And of course, if you have any questions about applying for a reverse mortgage in New Jersey, don't hesitate to contact one of our specialists at any time.If you're over the age of 62 and living in New Jersey, you may want to consider a reverse mortgage. New Jersey residents just like you are using reverse mortgages to pay off medical bills, perform home renovations, and simply live life without the financial burden of a monthly mortgage payment.*
Why Apply for a Reverse Mortgage?New Jersey residents have many reasons to consider a reverse mortgage, or HECM, but ultimately it comes down to two factors: financial security and quality of life. Living on a limited budget can be stressful, especially in a state such as New Jersey. Many seniors live with financial pressure, while the home equity they fought so hard to build sits idle. A reverse mortgage gives borrowers access to that equity, either as a line of credit, monthly disbursement, lump sum payment, or some combination of the three. Also known as a home equity conversion mortgage, a reverse mortgage can use your existing equity to pay off your remaining mortgage, with any remaining money available for your use. The loan does not come due until you sell the home, no longer live in the home, or pass away. Keep in mind that you are still required to pay property taxes and insurance. You are also required to keep the home properly maintained.
Types of Reverse MortgagesNew Jersey residents can choose from three types of HECM, all insured by the federal government. A fixed term reverse mortgage makes a lump sum disbursement of money once the loan closes, and loan interest rates are locked into the rate at the time of closing. HECM line of credit loans provide a number of options, including a draw on the line of credit at closing, monthly payments, or a full access to your line of credit when you need it. The third option offered by One Reverse Mortgage, a reverse mortgage for purchase, makes it possible for seniors to purchase a home with no monthly payments, giving borrowers the option to purchase a home suited to their needs, or purchase a primary residence closer to family.
Finding Reverse Mortgage Licensed Specialists in New JerseyIt's generally best to negotiate with local reverse mortgage licensed specialists, as they understand the real estate environment in your own state. If you have any questions about applying for a reverse mortgage in New Jersey, please fill out the form on this page to have a reverse mortgage specialist contact you.
*Homeowner must still maintain the property, pay homeowners insurance, and property taxes to avoid foreclosure.