Reverse Mortgage Loans
How NJ Reverse Mortgages Work
A New Jersey Reverse Mortgage / Loan is a home loan which provides the homeowner with cash payments based on home equity. Throughout the course of the loan, the borrower retains the New Jersey property title/ownership. Typically, repayment of the loan is made when the property is sold or upon the homeowner’s death.
New Jersey Reverse Mortgage Requirements
- Age requirement: New Jersey borrower must be 62 or older
- HUD-approved counseling
- Income: No requirements
- Assets: No requirements
- New Jersey employment: No requirements
- Credit score: No requirements
- Health: No requirements
NJ Reverse Mortgage FAQs
What if I already have a New Jersey mortgage?
First, your current mortgage and any other liens against the property in New Jersey will be paid off. As long as you have enough equity to do this, a Reverse Mortgage would work for you.
Will a New Jersey Reverse Mortgage cause me to pass debt on to my heirs?
A Reverse Mortgage in New Jersey is a non-recourse loan. There is mortgage insurance, which is a Federal requirement, which will pay off the difference from the value of your home to what you owe. No one comes out of a Reverse Mortgage owing more than the value of their home. If the value of the New Jersey home is greater than what is owed, the heirs inherit the additional money after the loan is paid.
Can I lose my home with a New Jersey Reverse Mortgage?
The Bank can only foreclose on your New Jersey home if you do not 1) pay your homeowners insurance, NJ real estate taxes, any HOA fees, 2) keep the home in good repair 3) keep the New Jersey home as your primary residence. You never have to make a mortgage payment.
Are New Jersey (NJ) Reverse Loans high-risk?
A number of safeguards have been built into the program, including mandatory HUD-approved counseling in New Jersey, payment guarantees, capped interest rates, advanced disclosures, a three-day rescission period and a non-resource limit.
New Jersey Reverse Mortgage Experts
Apply now or contact the New Jersey Reverse Mortgage experts at Home Point Financial to learn more about reverse mortgages in Newark, Jersey City, Gibbsboro, Elizabeth, Toms River, Hainesport, Manasquan, and throughout New Jersey.
