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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:
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.
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:
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.
Use our reverse mortgage calculator to receive a free loan estimate.
The reverse mortgage application process is fairly straight forward. At GoodLife, we follow four steps.
A Reverse Mortgage Specialist will learn more about you to determine whether a HECM might be a good fit for your retirement goals.
HUD requires all applicants to attend an approved counseling session for more information during the application process.
During this phase, an FHA-approved appraiser will conduct a property valuation and ensure it meets the eligibility criteria.
Once the loan is approved and closing costs are paid, GoodLife can disperse your proceeds in the method of your choice.
For more answers to your questions, refer to our reverse mortgage FAQs or reach out for further assistance.
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.
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.
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.