There are many important facts to consider if you are thinking about getting a reverse mortgage in NJ. Making major decisions should be something you do after taking the time to weigh all of the factors involved. When it comes to making any decisions regarding your home, then this definitely qualifies as a major decision. Once you understand the facts about reverse mortgages you should be much more comfortable making this important decision.
Want to learn more? Click here to get free information about a reverse mortgage in NJ!
There Are Qualifications You Must Meet To Be Approved For A New Jersey Reverse Mortgage
In order to qualify for a revere mortgage, you must be at least 62 years of age. You must also have a home that is paid in full or one that has a low balance on the mortgage. You also need to be able to show that you are capable of making your homeowner’s insurance payments and tax payments yourself.
When You Get A Reverse Mortgage You Eliminate Your Need To Make Monthly Payments
The main reason that people choose to get a reverse mortgage is for the major financial benefit it provides. If you are still making monthly mortgage payments, and they are becoming a burden on you, then you can eliminate those payments forever by getting a reverse mortgage.
When You Get A Reverse Mortgage You Can Access The Equity You Have In Your NJ Home
With a reverse mortgage you are able to access the equity you have built up in your home over the many years you have been making payments on it. The difference between a revere mortgage and a home equity line of credit is that with a reverse mortgage you don’t have to make any payments on the money that you borrow. So if you have been wanting to take a trip, make home improvements, or do anything else that requires more money than you were comfortable spending, you can now do these things if you get a reverse mortgage.
You Still Own Your Home When You Get A Reverse Mortgage
After working hard your entire life for your home the prospect of no longer owning it will probably be a terrible one to even think about. Unfortunately, many people think that when you get a reverse mortgage that this is what happens. The truth is that when you get a reverse mortgage you still own your home, and it will remain your home until you decide to leave it.
A Reverse Mortgage Is Paid Off When You Leave Your New Jersey Home
The last thing you need to know about reverse mortgages is that the balance is due when you leave your home. So if you decide to move you can either sell your home to pay off the balance or pay off the balance in another way. If you do decide to sell then any money that is leftover after paying off the reverse mortgage belongs to you. If you pass away the same rules apply, which means that even when you get a reverse mortgage you will still be able to leave your heir’s somethings so that you know that they will be provided for.
Want to learn more? Click here to get free information about a reverse mortgage in New Jersey!
Top Lenders in New Jersey, Current & Historical
| Lender | Loans | Total Principal Limit |
|---|---|---|
| WELLS FARGO | 6,594 | 1,932,254,883 |
| AMERICAN ADVISORS GROUP | 2,665 | 860,626,506 |
| EVERBANK REVERSE MORTGAGE LLC | 2,398 | 578,594,688 |
| FINANCIAL FREEDOM SENIOR FUNDING CORP | 1,774 | 464,105,834 |
| OCEANFIRST BANK | 1,183 | 283,480,319 |
| METLIFE BANK NATIONAL ASSOCIATION | 1,129 | 352,558,992 |
| BANK OF AMERICA | 1,045 | 325,272,542 |
| ONE REVERSE MORTGAGE LLC | 910 | 249,607,050 |
| FEDERAL MORTGAGE AND INVESTMENT CORP | 786 | 236,356,065 |
| WORLD ALLIANCE FINANCIAL CORP. | 710 | 202,973,386 |
| FINANCE OF AMERICA REVERSE LLC | 636 | 219,050,794 |
| LIBERTY HOME EQUITY SOLUTIONS INC | 589 | 174,450,000 |
| GATEWAY FUNDING DIVERSIFIED MTG SRVS LP | 574 | 153,607,764 |
| TD BANK NA | 527 | 118,498,129 |
| AMERIFIRST MORTGAGE CORP | 510 | 68,432,189 |
| REVERSE MORTGAGE FUNDING LLC | 444 | 175,182,583 |
| ADVISORS MORTGAGE GROUP LLC | 413 | 142,267,520 |
| REVERSE MORTGAGE SOLUTIONS INC | 413 | 125,316,086 |
| INTERCHANGE BANK | 380 | 59,640,260 |
| MAVERICK FUNDING CORP. | 370 | 109,821,100 |
Since 2012
| Lender | Loans | Total Principal Limit |
|---|---|---|
| AMERICAN ADVISORS GROUP | 2,562 | 831,628,506 |
| ONE REVERSE MORTGAGE LLC | 596 | 167,379,550 |
| LIBERTY HOME EQUITY SOLUTIONS INC | 548 | 162,462,500 |
| FINANCE OF AMERICA REVERSE LLC | 540 | 198,328,060 |
| REVERSE MORTGAGE FUNDING LLC | 444 | 175,182,583 |
| REVERSE MORTGAGE SOLUTIONS INC | 413 | 125,316,086 |
| ADVISORS MORTGAGE GROUP LLC | 274 | 100,462,580 |
| NATIONWIDE EQUITIES CORPORATION | 244 | 85,801,825 |
| OCEANFIRST BANK | 242 | 59,447,480 |
| MUTUAL OF OMAHA MORTGAGE INC. | 235 | 102,694,640 |
Interest Rates on NJ Reverse Mortgages
Current Rates
| Date | Fixed Rate | Adjustable Rate |
|---|---|---|
| 2019-01-01 | 4.64% | 5.34% |
| 2019-02-01 | NA | 5.21% |
| 2019-03-01 | 4.81% | 5.10% |
| 2019-04-01 | 4.61% | 5.06% |
| 2019-05-01 | 4.81% | 4.83% |
| 2019-06-01 | NA | 4.89% |
| 2019-07-01 | NA | 4.61% |
| 2019-08-01 | NA | 4.32% |
| 2019-09-01 | NA | 4.21% |
| 2019-10-01 | NA | 4.37% |
| 2019-11-01 | NA | 4.46% |
| 2019-12-01 | NA | 4.17% |
| 2020-01-01 | 4.24% | 4.18% |
| 2020-02-01 | NA | 4.12% |
| 2020-03-01 | NA | 4.09% |
| 2020-04-01 | NA | 3.83% |
| 2020-05-01 | 4.06% | 3.58% |
| 2020-06-01 | 3.56% | 3.31% |
| 2020-07-01 | NA | 3.48% |
| 2020-08-01 | NA | 3.20% |
| 2020-09-01 | 3.12% | 3.14% |
| 2020-10-01 | 3.18% | 3.07% |
| 2020-11-01 | 3.31% | 3.07% |
| 2020-12-01 | 3.18% | 2.90% |
| 2021-01-01 | 3.62% | 2.82% |
| 2021-02-01 | 3.99% | 2.80% |
| 2021-03-01 | 3.48% | 2.65% |
| 2021-04-01 | 3.45% | 2.51% |
| 2021-05-01 | 3.06% | 2.52% |
| 2021-06-01 | 4.06% | 2.31% |
| 2021-07-01 | 3.43% | 2.30% |
| 2021-08-01 | 3.36% | 2.40% |
| 2021-09-01 | 3.68% | 2.48% |
| 2021-10-01 | 3.18% | 2.31% |
| 2021-11-01 | 3.56% | 2.39% |
| 2021-12-01 | 3.50% | 2.41% |
| 2022-01-01 | 3.43% | 2.51% |
| 2022-02-01 | 3.39% | 2.60% |
| 2022-03-01 | NA | 2.94% |
| 2022-05-01 | 4.15% | 3.84% |
| 2022-04-01 | 3.68% | 3.19% |
| 2022-06-01 | 5.06% | 4.19% |
| 2022-07-01 | 5.81% | 4.70% |
| 2022-08-01 | 5.56% | 5.26% |
| 2022-09-01 | 5.68% | 5.65% |
| 2022-10-01 | NA | 6.08% |
| 2022-11-01 | 5.56% | 6.61% |
| 2022-12-01 | NA | 7.06% |
| 2023-01-01 | NA | 7.27% |
| 2023-02-01 | NA | 7.05% |
| 2023-03-01 | NA | 7.37% |
| 2023-04-01 | NA | 7.11% |
| 2023-05-01 | NA | 7.08% |
| 2023-06-01 | NA | 7.41% |
| 2023-07-01 | NA | 7.52% |
| 2023-08-01 | NA | 7.80% |
| 2023-09-01 | 6.43% | 7.77% |
| 2023-10-01 | NA | 7.85% |
| 2023-11-01 | NA | 7.86% |
| 2023-12-01 | NA | 7.71% |
| 2024-01-01 | NA | 7.63% |
| 2024-02-01 | NA | 7.35% |
Historic Rates
| Date | Fixed Rate | Adjustable Rate |
|---|---|---|
| 2016-01-01 | 5.00% | 3.58% |
| 2016-02-01 | 4.77% | 3.69% |
| 2016-03-01 | 5.04% | 3.85% |
| 2016-04-01 | 4.98% | 3.90% |
| 2016-05-01 | 5.04% | 4.04% |
| 2016-06-01 | 5.00% | 4.11% |
| 2016-07-01 | 4.75% | 4.14% |
| 2016-08-01 | 5.06% | 4.17% |
| 2016-09-01 | 5.06% | 4.35% |
| 2016-10-01 | 4.96% | 4.45% |
| 2016-11-01 | 4.97% | 4.54% |
| 2016-12-01 | 4.90% | 4.68% |
| 2017-01-01 | 4.74% | 4.68% |
| 2017-02-01 | 5.00% | 4.68% |
| 2017-03-01 | 4.78% | 4.51% |
| 2017-04-01 | 5.05% | 4.54% |
| 2017-05-01 | 4.98% | 4.49% |
| 2017-06-01 | 4.95% | 4.42% |
| 2017-07-01 | 4.94% | 4.44% |
| 2017-08-01 | 5.01% | 4.52% |
| 2017-09-01 | 5.14% | 4.51% |
| 2017-10-01 | 4.87% | 4.52% |
| 2017-11-01 | 4.96% | 4.57% |
| 2017-12-01 | 4.92% | 4.62% |
| 2018-01-01 | 5.00% | 4.69% |
| 2018-02-01 | 4.82% | 4.69% |
| 2018-03-01 | 5.02% | 4.70% |
| 2018-04-01 | 4.65% | 4.84% |
| 2018-05-01 | 4.96% | 4.89% |
| 2018-06-01 | 4.66% | 4.90% |
| 2018-07-01 | 4.64% | 4.91% |
| 2018-08-01 | 4.79% | 4.92% |
| 2018-09-01 | 4.81% | 4.93% |
| 2018-10-01 | 4.81% | 4.97% |
| 2018-11-01 | 5.06% | 5.05% |
| 2018-12-01 | 4.56% | 5.23% |
Top Cities in New Jersey by Total HECM Loans Originated
| Rank | City | Zip | Total |
|---|---|---|---|
| 1 | TOMS RIVER | 8757 | 924 |
| 2 | TOMS RIVER | 8753 | 499 |
| 3 | BRICK | 8724 | 483 |
| 4 | LAKEWOOD | 8701 | 479 |
| 5 | MANCHESTER | 8759 | 445 |
| 6 | BRICK | 8723 | 341 |
| 7 | WILLINGBORO | 8046 | 325 |
| 8 | TEANECK | 7666 | 306 |
| 9 | JACKSON | 8527 | 294 |
| 10 | BARNEGAT | 8005 | 264 |
| 11 | MANAHAWKIN | 8050 | 251 |
| 12 | UNION | 7083 | 247 |
| 13 | FREEHOLD | 7728 | 246 |
| 14 | MOUNT LAUREL | 8054 | 243 |
| 15 | WILLIAMSTOWN | 8094 | 239 |
| 16 | TOMS RIVER | 8755 | 235 |
| 17 | NEPTUNE | 7753 | 217 |
| 18 | MONROE TWP | 8831 | 214 |
| 19 | LINDEN | 7036 | 211 |
| 20 | EAST ORANGE | 7017 | 207 |
| 21 | JERSEY CITY | 7305 | 207 |
| 22 | WAYNE | 7470 | 205 |
| 23 | CLIFTON | 7013 | 201 |
| 24 | SOMERSET | 8873 | 197 |
| 25 | WHITING | 8759 | 196 |
| 26 | BLOOMFIELD | 7003 | 195 |
| 27 | ATLANTIC CITY | 8401 | 188 |
| 28 | RAHWAY | 7065 | 187 |
| 29 | WEST ORANGE | 7052 | 186 |
| 30 | SOUTHAMPTON | 8088 | 185 |
Want to learn more? Click here to get free information about a reverse mortgage!
NJ HECM Housing Counselors
AFFORDABLE HOUSING ALLIANCE, INC.
3535 ROUTE 66 STE 4 NEPTUNE, NJ 07753-2625
(732) 389-2958
http://www.housingall.org
CONSUMER CREDIT AND BUDGET COUNSELING, DBA NATIONAL FOUNDATION FOR DEBT MANAGEMENT
US ROUTE 9 SO 299 S SHORE RD MARMORA, NJ 08223-1210
(609) 390-9652 ext 3110
http://www.cc-bc.com
COUNTY OF BERGEN, DEPARTMENT OF HUMAN SERVICES, DIVISION OF SENIOR SERVICES
1 BERGEN COUNTY PLZ FL 2 HACKENSACK, NJ 07601-7075
(201) 336-7431
http://www.co.bergen.nj.us
FAITH FELLOWSHIP COMMUNITY DEVELOPMENT CORPORATION
2707 MAIN ST SAYREVILLE, NJ 08872-1457
(732) 727-9500
http://ffcdc.net
FAMILY GUIDANCE CENTER CORPORATION
1931 NOTTINGHAM WAY HAMILTON, NJ 08619-3554
(609) 586-2574
http://www.fgccorp.org
GARDEN STATE CONSUMER CREDIT COUNSELING, INC. D/B/A/ NAVICORE SOLUTIONS
200 U.S. HIGHWAY 9 NORTH MANALAPAN, NJ 07726-3072
(732) 409-6281
www.navicoresolutions.org
NAVICORE SOLUTIONS – MANALAPAN, NJ
200 US HIGHWAY 9 MANALAPAN, NJ 07726-3072
(732) 409-6281
http://www.navicoresolutions.org
SENIOR CITIZENS UNITED COMMUNITY SERVICES OF CAMDEN COUNTY, INC.
537 W NICHOLSON RD AUDUBON, NJ 08106-1970
(856) 456-1121
http://www.scucs.org
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