New Jersey Reverse Mortgages

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New Jersey

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How a Reverse Mortgage Works in NJ

GoodLife is a reverse mortgage company lending in New Jersey that helps eligible seniors achieve greater financial freedom in retirement. Also known as a home equity conversion mortgage (HECM), a reverse mortgage allows borrowers to tap into a portion of their home equity, convert it into loan proceeds, and use the funds as disposable cash. This additional cash flow may benefit you by:

  • Supplementing retirement savings and Social Security benefits
  • Securing a “rainy day” fund for the future
  • Covering medical bills and expenses
  • Paying for at-home health care
  • Financing home modifications

Whether you want to take more vacations or age in place, we’re committed to helping seniors live The GoodLife in Retirement—-whatever your version of that may be. Consult our reverse mortgage guide for more information on how these loans work.

To learn more about the structure of a reverse mortgage in New Jersey, download GoodLife’s reverse mortgage guide for additional information.

Have a question about New Jersey reverse mortgages?
Contact us today.

Reverse Mortgage Qualifications & Requirements

The HECM program is insured by the Federal Housing Administration (FHA) and overseen by the Dept. of Housing and Urban Development (HUD). As such, borrowers are held to federally-established reverse mortgage qualifications in New Jersey. According to FHA and HUD guidelines, reverse mortgage eligibility requires:

  • At least one borrower to be at least 62 years old
  • Borrowers to own substantial home equity
  • Borrowers to live in the property as their primary residence

Additional reverse mortgage requirements in New Jersey dictate which properties are eligible for a HECM and what borrowers must do to remain compliant with loan terms, such as staying current on property taxes and mortgage insurance.

New Jersey Reverse Mortgage Calculator

Use our reverse mortgage calculator to receive a free loan estimate.

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New Jersey Reverse Mortgage Process

The reverse mortgage application process is fairly straight forward. At GoodLife, we follow four steps.


Education:

A Reverse Mortgage Specialist will learn more about you to determine whether a HECM might be a good fit for your retirement goals.

Counseling:

HUD requires all applicants to attend an approved counseling session for more information during the application process.

Application:

During this phase, an FHA-approved appraiser will conduct a property valuation and ensure it meets the eligibility criteria.

Funding:

Once the loan is approved and closing costs are paid, GoodLife can disperse your proceeds in the method of your choice.

Reverse Mortgages in NJ: FAQs

For more answers to your questions, refer to our reverse mortgage FAQs or reach out for further assistance.

How will I receive my reverse mortgage funds?

Borrowers may elect to receive their loan proceeds as a lump sum, monthly installment, or line of credit. A combination of the latter two options may also be possible. You can use our reverse mortgage calculator to estimate how much you may be eligible to borrow.

Do I have to make monthly payments on the loan?

No. Unlike traditional mortgages, NJ reverse mortgage borrowers are not required to make monthly payments on the principal balance or accrued interest. Repayment is required once the loan reaches a maturity event that triggers its Due and Payable status.

Can I continue to live in the property?

Yes. A reverse mortgage in New Jersey can allow you to access the wealth stored in your home without having to sell or vacate the property.

Get in contact to learn more about how we may be able to assist you with remaining at home, aging in place, and living The GoodLife in Retirement that you deserve.

Check out our blog and videos to learn more about how you can live The Good Life in Retirement