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What is a Reverse Mortgage?

Contact us to review your options and to get the answers to all of your questions. This can be done by phone or we can arrange to come to your home and speak with you and any other family members.

What is a reverse mortgage?

Reverse mortgage loans are a way for older homeowners to convert their home's value into tax-free cash, without having to sell or move. Insured by the U.S. government, the Department of Housing and Urban Development (HUD) allows Homeowners who are 62 or older can borrow against the equity of their homes.

Here's how it works:

  • Qualifying homeowners can choose to receive tax-free payments from reverse mortgage lenders either on a monthly basis, in a lump sum, or as a line of credit.

  • No income or credit checks are required.

  • No repayments are required while a borrower lives in the home.

  • Social Security and Medicare benefits are not affected.

  • When the loan is paid in full, all equity associated with the property will be distributed to your heirs.

Keep in mind:

Do I qualify for a reverse mortgage?

You must be age 62 or older. And you must occupy the home as your primary residence - for the majority of the year. Borrowers must own the home outright or have a low enough balance on the existing mortgage that it can be paid off from the proceeds of the reverse mortgage.

Each borrower listed on the title must apply for the reverse mortgage loan, attend a free HUD counseling session and sign the loan papers. The HUD counseling is either handled in person, or over the telephone. All individuals on title must apply for the reverse mortgage, attend counseling and sign the loan papers.

How is the loan amount determined?

The amount of the loan is based on:

  • The age of the youngest borrower

  • The appraised amount of the property

  • No income or credit is required.

What are my reverse mortgage options?

HECM

-- The Home Equity Conversion Mortgage (HECM) is the only reverse mortgage that is insured by the Federal Housing Administration (FHA). The FHA guarantees that HECM lenders meet their obligations, governs how much HECM lenders may loan to qualified borrowers, and limiting loan costs. Because this is a government insured program, loan counseling is required, by an approved HUD counselor.

HECM offers 4 draw options:

  1. Monthly income for a fixed term, or life

  2. Line of credit

  3. Lump sum

  4. Any combination of the above 3

Rave Reviews

After being out of work for three years and going through my savings (and hitting my credit cards), my bank put me in contact with Ed Morba of Family Home Funding.

After meeting with him, he recommended a reverse mortgage and explained the process to me. We went ahead with it. He came to my house to make sure the appraisal itself would proceed as smoothly as possible. It turned out that there was an issue with my property (specifically regarding set-back requirements). Ed nearly killed himself tackling this, eventually getting it resolved, and the reverse mortgage went through.

Throughout the process I met with Ed several times, and every step of the way he answered all my questions. The reverse mortgage took care of all my credit cards with enough money left over for a secure (and even long) retirement. You've heard the expression that "if it's too good to be true then it probably isn't"? Trust me-that doesn't apply to reverse mortgages. Or to Ed.

Thank you.

RM Bergen County NJ

It is always important to work with a banker who is honest, and provides a high level of service. Many times, I will hand my cell phone to the buyer and speak directly to Ed Morba to be pre-approved and the buyer's know they are approved for their mortgage loan that quickly, so the lending part is completed, now they just need to select their new property based on their finacial qualifications and needs for the new home. It can not get any better than that.

Wendell Maki

Nicholas Real Estate II

Family home funding is just like their name- "Family". They walk you through the funding process, step by step. They are easy to contact and even make home visits! Family Home Funding is who I trust.

Maisha J

Jersey City, NJ

Family Home Funding is the most reliable and accommodating mortgage company in New Jersey. Our firm has been involved in numerous real estate transactions with them over the years and our experience has always been more than satisfactory. We highly recommend Family Home Funding to all our clients for all of their borrowing needs.

Allen Susser, Esq.

Cohn Lifland Pearlman Herrmann & Knopf, LLP

I have had the great pleasure of knowing and working with Ed Morba and Family Home Funding for many years. Ed has helped me personally with my own home financing as well as many of my clients. In my own practice as a Wealth Manager when I have a question about a client's home mortgage or equity loan product, I count Ed as my most knowledgeable, objective resource for information.

Reed C. Fraasa, CFP®

Highland Financial Advisors, LLC

During my 23 years in real estate sales I have worked with many mortgage representatives. Ed Morba goes beyond what most other mortgage reps do right from the start. When Ed gives a pre-approval you know you are going to close. He is very honest about any concerns that may appear along the way so that you can be ready to react. There are no surprises and no bull. Ed has a team approach in working with realtors. He stays in touch and keeps me informed throughout the transaction.

Sandi Gros

RE/Max Neighborhood Properties

I have had the pleasure of working with Ed Morba and Family Home Funding on a number of transactions. I have always found Ed and his staff to be professional, responsive, and diligent. On some transactions that were particularly challenging, I have known them to persevere and work towards solutions that were appropriate and responsive to their clients' needs. Ed and his staff are always forthright, honest and display an integrity that is often lacking in the mortgage industry. Their clients are in good hands.

Mary C. Keane, Esq.

Kosarek & Keane, LLC

I have practiced real estate law for almost thirty -two years and conducted in excess of six thousand closings. Family Home Funding is staffed by personnel with cutting edge knowledge of financing. The personable, dedicated, meticulous service is an "old school" approach with the technological wizardry that is unique to your firm.

You have mastered the art of making the client, the realtors and attorneys all feel fully aware and engaged in the process. Your product knowledge and courteous treatment are second to none. It is both a privilege and a pleasure to conduct a closing or refinance transaction with your company.

I would strongly recommend Family Home Funding , as with your guidance and diplomatic personality you make ,what could be an ordeal , into a memorable and positive experience. Please do not hesitate to have any prospective clients contact my office for a reference. It is easy to place my trust and confidence in someone who is the best in their field.

If I can be of any further assistance, please do not hesitate to call. Have the great year that you and Family Funding richly deserve!

Charles Michael Damian, Esq.

To Ed and Dawn,

Just want to thank you both for helping Anthony with all the paper work and finding him the right financing for his home. I appreciate all the hard work and dedication you have shown us. Hope you enjoy the edible arrangement and have a Happy Holiday Season.

Sincerely, Cathy Beaty

Frond of House

Phone: (973) 283-8111

emorba@familyhomefunding.com

Get Started!

Contact us to review your options and to get the answers to all of your questions. This can be done by phone or we can arrange to come to your home and speak with you and any other family members.

What is a reverse mortgage?
Reverse mortgage loans are a way for older homeowners to convert their home's value into tax-free cash, without having to sell or move. Insured by the U.S. government, the Department of Housing and Urban Development (HUD) allows Homeowners who are 62 or older can borrow against the equity of their homes.

Here's how it works:


  • Qualifying homeowners can choose to receive tax-free payments from reverse mortgage lenders either on a monthly basis, in a lump sum, or as a line of credit.
  • No income or credit checks are required.
  • No repayments are required while a borrower lives in the home.
  • Social Security and Medicare benefits are not affected.
  • When the loan is paid in full, all equity associated with the property will be distributed to your heirs.

Keep in mind:


Do I qualify for a reverse mortgage?

You must be age 62 or older. And you must occupy the home as your primary residence - for the majority of the year. Borrowers must own the home outright or have a low enough balance on the existing mortgage that it can be paid off from the proceeds of the reverse mortgage.
Each borrower listed on the title must apply for the reverse mortgage loan, attend a free HUD counseling session and sign the loan papers. The HUD counseling is either handled in person, or over the telephone. All individuals on title must apply for the reverse mortgage, attend counseling and sign the loan papers.

How is the loan amount determined?

The amount of the loan is based on:
  • The age of the youngest borrower
  • The appraised amount of the property
  • No income or credit is required.
What are my reverse mortgage options?

HECM

-- The Home Equity Conversion Mortgage (HECM) is the only reverse mortgage that is insured by the Federal Housing Administration (FHA). The FHA guarantees that HECM lenders meet their obligations, governs how much HECM lenders may loan to qualified borrowers, and limiting loan costs. Because this is a government insured program, loan counseling is required, by an approved HUD counselor.

HECM offers 4 draw options:


  1. Monthly income for a fixed term, or life
  2. Line of credit
  3. Lump sum
  4. Any combination of the above 3

Rave Reviews

After being out of work for three years and going through my savings (and hitting my credit cards), my bank put me in contact with Ed Morba of Family Home Funding.

After meeting with him, he recommended a reverse mortgage and explained the process to me. We went ahead with it. He came to my house to make sure the appraisal itself would proceed as smoothly as possible. It turned out that there was an issue with my property (specifically regarding set-back requirements). Ed nearly killed himself tackling this, eventually getting it resolved, and the reverse mortgage went through.

Throughout the process I met with Ed several times, and every step of the way he answered all my questions. The reverse mortgage took care of all my credit cards with enough money left over for a secure (and even long) retirement. You've heard the expression that "if it's too good to be true then it probably isn't"? Trust me-that doesn't apply to reverse mortgages. Or to Ed.

Thank you.

RM Bergen County NJ

It is always important to work with a banker who is honest, and provides a high level of service. Many times, I will hand my cell phone to the buyer and speak directly to Ed Morba to be pre-approved and the buyer's know they are approved for their mortgage loan that quickly, so the lending part is completed, now they just need to select their new property based on their finacial qualifications and needs for the new home. It can not get any better than that.

Wendell Maki

Nicholas Real Estate II

Family home funding is just like their name- "Family". They walk you through the funding process, step by step. They are easy to contact and even make home visits! Family Home Funding is who I trust.

Maisha J

Jersey City, NJ

Family Home Funding is the most reliable and accommodating mortgage company in New Jersey. Our firm has been involved in numerous real estate transactions with them over the years and our experience has always been more than satisfactory. We highly recommend Family Home Funding to all our clients for all of their borrowing needs.

Allen Susser, Esq.

Cohn Lifland Pearlman Herrmann & Knopf, LLP

I have had the great pleasure of knowing and working with Ed Morba and Family Home Funding for many years. Ed has helped me personally with my own home financing as well as many of my clients. In my own practice as a Wealth Manager when I have a question about a client's home mortgage or equity loan product, I count Ed as my most knowledgeable, objective resource for information.

Reed C. Fraasa, CFP®

Highland Financial Advisors, LLC

During my 23 years in real estate sales I have worked with many mortgage representatives. Ed Morba goes beyond what most other mortgage reps do right from the start. When Ed gives a pre-approval you know you are going to close. He is very honest about any concerns that may appear along the way so that you can be ready to react. There are no surprises and no bull. Ed has a team approach in working with realtors. He stays in touch and keeps me informed throughout the transaction.

Sandi Gros

RE/Max Neighborhood Properties

I have had the pleasure of working with Ed Morba and Family Home Funding on a number of transactions. I have always found Ed and his staff to be professional, responsive, and diligent. On some transactions that were particularly challenging, I have known them to persevere and work towards solutions that were appropriate and responsive to their clients' needs. Ed and his staff are always forthright, honest and display an integrity that is often lacking in the mortgage industry. Their clients are in good hands.

Mary C. Keane, Esq.

Kosarek & Keane, LLC

I have practiced real estate law for almost thirty -two years and conducted in excess of six thousand closings. Family Home Funding is staffed by personnel with cutting edge knowledge of financing. The personable, dedicated, meticulous service is an "old school" approach with the technological wizardry that is unique to your firm.

You have mastered the art of making the client, the realtors and attorneys all feel fully aware and engaged in the process. Your product knowledge and courteous treatment are second to none. It is both a privilege and a pleasure to conduct a closing or refinance transaction with your company.

I would strongly recommend Family Home Funding , as with your guidance and diplomatic personality you make ,what could be an ordeal , into a memorable and positive experience. Please do not hesitate to have any prospective clients contact my office for a reference. It is easy to place my trust and confidence in someone who is the best in their field.

If I can be of any further assistance, please do not hesitate to call. Have the great year that you and Family Funding richly deserve!

Charles Michael Damian, Esq.

To Ed and Dawn,

Just want to thank you both for helping Anthony with all the paper work and finding him the right financing for his home. I appreciate all the hard work and dedication you have shown us. Hope you enjoy the edible arrangement and have a Happy Holiday Season.

Sincerely, Cathy Beaty

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