Reverse Mortgage Loans in New Jersey

New Jersey reverse mortgage loans have surged in popularity during the past few years. Seniors that are struggling to keep up with the rising costs of medicine, health care, food, gasoline, utilities and just about everything else that make up day to day living expenses, have turned to their homes to help supplement retirement income.

Prior to the availability of New Jersey reverse mortgage loans, the only way you could tap into your home equity was to either sell your home or take out a loan that required monthly repayment. With the advent of reverse mortgages for senior homeowners 62 years and older, you can now access your home equity and never make a mortgage payment as long as you live in your home.

In order to qualify for New Jersey reverse mortgage loans, you need to have a substantial amount of equity in your home, usually at least 40 to 60% of the appraised value of the home. All persons listed on the title to your home must be at least 62 years old or the younger person(s) must be taken off the title prior to getting a New Jersey reverse mortgage loan. (In most cases this is not recommended, unless it is an adult child not living in the home) If this is your situation and you would like more details about this, contact us toll free at 1-888-269-1098, or submit your request online here.

New Jersey HECM Loans

New Jersey reverse mortgage loans that are issued through HUD and insured by FHA are called HECM loans (Home Equity Conversion Mortgages.) They are the safest and offer the most choices of how you can receive your loan proceeds. Unless your home has a very high market value, the HECM loans will usually offer the highest loan amount as well.

During the fiscal year 2007 there were 3,810 HECM New Jersey reverse mortgage loans closed. New Jersey represents approximately 3.5% of all HECM reverse mortgage loans closed throughout the United States.

To find out if you have enough equity in your New Jersey home to qualify, you may want to use our reverse mortgage calculator to get a rough estimate of how much money you might be able to receive if you decide this type of loan is the right choice for you and your family.

After looking at the calculator results, you will want to request a complete New Jersey reverse mortgage loan benefit summary. The summary will provide you with personalized information that is specific to your property and location. It is free and there is no obligation on your part if you request this information.

• Link To New Jersey AARP