New Jersey Reverse Mortgage Facts

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 642 222,017,794
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 546 201,295,060
REVERSE MORTGAGE FUNDING LLC 444 175,182,583
REVERSE MORTGAGE SOLUTIONS INC 413 125,316,086
ADVISORS MORTGAGE GROUP LLC 274 100,462,580
MUTUAL OF OMAHA MORTGAGE INC. 248 109,532,640
NATIONWIDE EQUITIES CORPORATION 244 85,801,825
OCEANFIRST BANK 242 59,447,480

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%
2024-03-01 NA 7.44%

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 925
2 TOMS RIVER 8753 499
3 BRICK 8724 484
4 LAKEWOOD 8701 480
5 MANCHESTER 8759 445
6 BRICK 8723 343
7 WILLINGBORO 8046 326
8 TEANECK 7666 307
9 JACKSON 8527 294
10 BARNEGAT 8005 264
11 MANAHAWKIN 8050 251
12 UNION 7083 247
13 FREEHOLD 7728 246
14 MOUNT LAUREL 8054 244
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 WAYNE 7470 207
22 JERSEY CITY 7305 207
23 CLIFTON 7013 201
24 SOMERSET 8873 197
25 WHITING 8759 196
26 BLOOMFIELD 7003 195
27 ATLANTIC CITY 8401 189
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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