Cornerstone Mortgage Group offers reverse mortgages in New Jersey. As your local NJ lender, you are sure to get the dedicated and knowledgeable service that you deserve. This page is to provide you with some general information on Reverse Mortgages in New Jersey. If you would like to find out if you qualify for a Reverse Mortgage, feel free to fill out our quick and easy form on the side, and one of our New Jersey mortgage experts will contact you as soon as possible.
A Reverse Mortgage is a type of home equity loan that allows you to convert some of the equity in your home into cash while you retain home ownership. Reverse Mortgage works much like traditional mortgages, only in reverse. Rather than making a payment to your lender each month, the lender pays you, either in monthly payments or as one lump sum. Unlike conventional home equity loans, most Reverse Mortgages do not require any repayment of principal, interest, or servicing fees for as long as you live in your home. The money you receive from a Reverse Mortgage can be used for any purpose, whether it’s for a better monthly income, vacation, to pay off debt or anything else. The Reverse Mortgage funds may be paid to you in a lump sum, in monthly advances, through a line-of-credit, or in a combination of the three, depending on the type of Reverse Mortgage and the lender.
To qualify for a Reverse Mortgage in New Jersey, you must be at least 62 years or older, and either own your home completely, or be close to paying the home off, in which case the mortgage will first go towards paying the home off and then any left over funds will go to you. The amount you are eligible to borrow generally is based on your age, the equity in your home, and the interest rate the lender is charging.
Because you retain title to your home with a Reverse Mortgage, you also remain responsible for taxes, repairs, and maintenance. Depending on the plan you select, your Reverse Mortgage becomes due with interest either when you permanently move, sell your home, become deceased, or reach the end of the pre-selected loan term. The lender does not take title to your home when you pass away, but your heirs must pay off the loan. The debt is usually repaid by refinancing the loan into a forward mortgage (if the heirs are eligible) or by using the proceeds from the sale of your home.
Cornerstone Mortgage Group offers New Jersey Reverse Mortgage loans and can help you what you would qualify for. Fill out the “Get A Quick Quote” form to the right of the page and a qualified New Jersey mortgage specialist will contact you as soon as possible.
