The Reverse Mortgage is a mortgage for older home owners who want to utilize the equity in their property.  Passaic County seniors (over 62) and interested in purchasing real estate; making home improvements; or having credit problems during this finanacial crisis here is what you need to know about a Reverse Mortgage:

  • To qualify a borrower must be 62 years of age or older.
  • The Borrower must live in the New Jersey/Passaic County property as the primary residence.
  • There are no minimum income, asset or credit requirements.
  • There are no monthly payments required for as long as the borrowers occupy the residence as their    primary residence.
  • The Funds can be taken as a lump sum, monthly payments, line of credit or a combination.
  • There are no restrictions on how the funds are used.
  • Loan proceeds are not considered income and will not affect Medicare or Social Security benefits.
  • There are no prepayment penalties.
  • Heirs may keep the home by paying off the balance on the reverse mortgage loan.
  • All applicants are required by federal regulation to seek 3rd party financial counseling by an approved Department of Housing and Urban Development (HUD) organization.

For more information on Reverse Mortgages visit www.reversemortgage.org 

 

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