Are you a homeowner looking to convert some of your home’s equity into cash while retaining ownership of your property? A reverse mortgage could be the ideal solution for you. At Cornerstone Mortgage, we specialize in helping homeowners leverage their home equity through reverse home mortgages, allowing them to access funds while continuing to live in their home. This flexible financing option can provide additional financial security, especially for retirees and those looking to supplement their income.
A reverse mortgage is a type of loan that allows homeowners to convert a portion of their home equity into cash. Unlike traditional mortgages, where the homeowner makes monthly payments to the lender, a reverse mortgage works in reverse: the lender pays the homeowner. As long as you continue to live in the home, no repayment of principal, interest, or servicing fees is required.
Homeowners can receive reverse home mortgage funds as a lump sum, monthly payments, a line of credit, or a combination of these options, depending on the type of reverse mortgage and the lender’s terms.
A reverse home mortgage allows you to tap into your home’s equity without selling your property, providing additional cash flow for expenses such as medical bills, home repairs, or living expenses.
As long as you live in the home, you do not have to make monthly mortgage payments. The loan balance is repaid when you move, sell the home, or pass away.
You can choose how to receive your reverse home mortgage funds—whether through a lump sum, monthly advances, or a line of credit.
At Cornerstone Mortgage, our knowledgeable team will guide you through the reverse mortgage process, ensuring that you understand your options and feel confident in your decision.
Reverse mortgages are often used by retirees to supplement their income, helping to cover living expenses, healthcare costs, or other financial needs.
You remain the owner of your home with a reverse home mortgage and continue to be responsible for property taxes, insurance, and maintenance.
One of the major benefits of a reverse mortgage is that you do not need to make monthly mortgage payments, as long as you continue to live in the home.
Upon your passing, your heirs have the option to repay the loan by selling the home, refinancing the loan, or using other funds to pay off the balance.
A reverse mortgage works by converting a portion of your home’s equity into cash. The amount you are eligible to borrow depends on several factors, including:
The loan balance becomes due when you move out of the home, sell the property, pass away, or reach the end of the loan term. At that point, the loan is repaid, typically through the sale of the home, and any remaining equity belongs to the homeowner or their heirs.
To qualify for a reverse mortgage, you must meet the following criteria:
You must be at least 62 years old to qualify for a reverse home mortgage.
You must own your home outright or have a significant amount of equity built up in the property.
The home must be your primary residence.
At Cornerstone Mortgage, we’ll work with you to assess your eligibility and help you understand how a reverse home mortgage can fit into your financial plan.
Are you ready to explore how a reverse mortgage can provide financial flexibility and security? At Cornerstone Mortgage, we are committed to helping homeowners in New Jersey access the equity in their homes through reverse home mortgages. We serve clients in Warren, Bernardsville, Madison, Mendham, Morristown, Basking Ridge, Bernards, Chester, Peapack-Gladstone, Bedminster, and surrounding areas.
Contact us today to learn more about reverse mortgages and how they can support your financial goals.
A reverse mortgage allows homeowners to convert some of their home equity into cash without selling the property. The loan is repaid when the homeowner moves, sells the home, or passes away.
You can choose to receive your reverse home mortgage funds as a lump sum, monthly payments, a line of credit, or a combination of these options.
Yes, you retain ownership of your home with a reverse mortgage and are responsible for property taxes, insurance, and maintenance.
The loan is repaid when you move out of the home, sell the property, or pass away. Your heirs can repay the loan by refinancing, selling the home, or using other funds to pay off the balance.
To be eligible, you must be at least 62 years old, own your home outright (or have substantial equity), and live in the home as your primary residence.
