New Jersey Reverse Mortgage Lenders
New Jersey is home to a lot of commuters to Manhattan who seek more reasonable cost of living. Residents of cities such as Jersey City, Paterson, Edison, Toms River, Trenton, Camden, Cherry Hill and of course, Newark, all are eligible to take out the new reverse mortgage loans. The new reverse mortgage loans can be used for any purpose by the borrower. Personal finance experts recommend only opting for a reverse mortgage as a last resort for seniors who are strapped for cash. Consider downsizing into a smaller home or borrowing cash through a HELOC before considering a reverse mortgage.Reverse Mortgage Requirements
- All borrowers on the loan must be age 62 or older
- Complete a reverse mortgage counseling session.
- Must have enough equity in the property
- Property must be a single-family home, townhome, HUD approve condo or certain manufactured homes. Co-ops are not eligible for a reverse mortgage.
Featured New Jersey Reverse Mortgage Lender
All Reverse Mortgage Company
800-565-1722
NRMLA #4693
OceanFirst Bank
888-623-2633
NRMLA #3590
American Advisors Group (AAG)
800-736-6725
NRMLA #5197
Amboy Bank
800-942-6269
NRMLA #4276
Greenlight Financial Services
877-773-2783
NRMLA #3842
Urban Financial of America (UFA)
800-469-7383
NRMLA #3858
Fulton Mortgage Company
866-750-8762
NRMLA #4292
Vanguard Funding LLC
877-881-0010
NRMLA #17044
Reverse Mortgages of Pennsylvania and New Jersey, Inc.
888-748-9300
NRMLA #18700
All Island Mortgage & Funding Corp.
888-660-3033
NRMLA #4702