Reverse Mortgage Program in NJ or NY
Retired ….. Need Extra Income? The Equity in Your Home Can Be the Answer
Reverse mortgages (also called home equity conversion loans) enable elderly homeowners to tap into their equity without selling their home or purchase a new owner occupied home. The lender pays you money based on the equity you've accrued in your home; you receive a lump sum, a monthly payment or a line of credit. Repayment is not necessary until the borrower sells the property, moves into a retirement community or passes away. When you sell your home or no longer use it as your primary residence, you or your estate must repay the cash you received from the reverse mortgage plus interest and other finance charges to the lender.
Reverse mortgages require you be at least 62 years of age, have a low or zero balance owed against your home and maintain the property as your principal residence 51% of the year.
Reverse mortgages are ideal for homeowners who are retired or no longer working and need to supplement their income. NO paystub or W2 wages are needed to qualify. You must provide proof of income to pay for your real estate taxes and home owner insurance. Interest rates can be fixed or adjustable and the money is nontaxable and does not interfere with Social Security or Medicare benefits. Your lender cannot take property away if you outlive your loan nor can you be forced to sell your home to pay off your loan even if the loan balance grows to exceed property value.
You never make a mortgage payment, so you can free up cash to spend every month. Each month the principal and interest is added to your outstanding mortgage balance. Homeowner must continue to pay their property taxes, homeowners insurance and maintain the home in good condition during the life of loan.
The new-and-improved reverse mortgage will likely be embraced by aging baby boomers and their trusted advisers as an additional retirement tool that can help ensure future cash flow if and when needed. Seniors can use reverse mortgages in numerous ways to ensure a comfortable retirement and secure financial future. Just a few examples include:
Alternative to Reverse Mortgage
If you have assets, we can use your Asset base as Income. We use your Net Assets / 60 = monthly qualifying income for a traditional mortgage qualfication.
Call us today and let us help you determine which program meets your specific need. Get started on your mortgage Pre-Approval and call us today toll-free at 800-327-0123.
Links: FHA Reverse Mortgage HUD.gov
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818 US Highway 202/206
Bridgewater, New Jersey 08807-1704
Call us today: 800-327-0123
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