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Reverse Mortgage Loan - Reverse Mortgage Lender

  • Could you use extra cash to consolidate debts or to supplement your monthly income?
  • Do you have equity in your home?
  • Would you like to not have to make mortgage payments in the future?

If the answer is yes and you are 62 or older, then our reverse mortgage loan programs may be for you! We are a reverse mortgage lender with a variety of reverse mortgage loan products in New York, New Jersey, Connecticut and Florida.

What is a reverse mortgage?
A reverse mortgage is a special type of home loan that lets a homeowner convert the equity in his or her home into cash. The equity built up over years of home mortgage payments can be paid to the homeowner in a number of ways: in a lump sum, in a stream of payments, or as a supplement to Social Security or other retirement funds. But unlike a traditional home equity loan or second mortgage, with a reverse mortgage repayment is not required until the borrowers no longer use the home as their principal residence.

Use of Funds
The funds from a reverse mortgage can be used for anything. Common uses include supplementing retirement income to cover daily living expenses; repairing or modifying your home (i.e., widening halls or installing a ramp); covering health care expenses; paying off existing debts; taking a vacation; paying property taxes; and preventing foreclosure. There are no income or medical requirements to qualify. You may be eligible for a reverse mortgage even if you still owe money on an existing mortgage.

Payment Options
You can choose to receive the money from a reverse mortgage all at once as a lump sum, fixed monthly payments (for up to life), as a line of credit, or a combination of these. The most popular option – chosen by more than 60 percent of borrowers – is the line of credit, which allows you to draw on the loan proceeds at any time.

What are some of the benefits of a reverse mortgage?

  • Strengthen your personal and financial independence.
  • Help pay for health care or other needs.
  • You can never lose your home in foreclosure as long as you maintain the property tax and insurance payments.
  • The loan is only paid off when the house is sold by you or your heirs, or all borrowers move out of the house.
  • Keep your Medicare or Social Security benefits.
  • Use it as a credit line and draw upon it as needed.
  • Get all your cash right away.
  • Get the best of both—get cash now and have a balance in reserve to use as a credit line.
  • No Income Requirements: The homeowner does not need to be working and is not qualified based on income.

To learn more about our reverse mortgage products or to see how much you can qualify for, please contact a reverse mortgage advisor today. Our advisors are available 7 days a week to assist you.

Our Reverse Mortgage Advisors

Kathleen Romeo
Licensed Mortgage Originator
Phone: (201) 232-9766
Email: kromeo@alpinebanker.com
NMLS 85239

You can also click here to have one of our reverse mortgage advisors give you a call today. If you are interested in applying for a reverse mortgage, you can apply online now.

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Todays Rates

 
Loan Program Rate APR
30 Year Fixed 4.000% 4.015%
15 Year Fixed 3.250% 3.262%
3/1 Arm 3.125% 3.434%
5/1 Arm 3.125% 3.456%
7/1 Arm 3.250% 3.482%

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