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 company 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. You may be eligible for a reverse mortgage even if you still owe money on an existing mortgage.
You can choose to receive the money from a reverse mortgage 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?
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. This material is not from HUD or FHA and has not been approved by HUD or a government agency.
Our Reverse Mortgage Advisors
Licensed Mortgage Originator
Phone: (201) 232-9766
Email: [email protected]
Reverse Mortgage Tools & Advice