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.