Jersey Mortgage Company is proud to offer reverse mortgages for those who may not have liquid assets but have built equity in their homes from years of homeownership.
A reverse mortgage has the ability for the homeowner to borrow money based on the equity in their home. Homeowners can access their equity and receive a lump sum or a series of monthly distributions. Unlike a regular mortgage where the equity grows, and the balance of what is owed goes down over time, a reverse mortgage means the balance will go up in time, and the homeowner has less equity in the home.
Qualifications for a reverse mortgage:
- Be 62 or older
- Live in the property, which has to be where you live most of the time
- Have paid off a substantial amount of the existing mortgage
- Have enough funds to keep paying expenses related to the property because the homeowner is still responsible for taxes, insurance, repairs, and homeowner association fees
- Participate in a counseling session with a counselor approved by the Department of Housing and Urban Development (HUD)
- Apply and be approved by Jersey Mortgage Company
- Not have any outstanding federal debt
Client Spotlight:
Jersey Mortgage Company recently helped a Korean Veteran successfully close a reverse loan. Struggling to pay bills and credit cards, we now helped him reduce his monthly obligations and stay in the home he has known for the past 50 plus years.
Contact Margaret Sanchez, our reverse mortgage specialist, to get started today!
