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.
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?
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 age of the youngest borrower
- The appraised amount of the property
- No income or credit is required.
HECM offers 4 draw options:
- Monthly income for a fixed term, or life
- Line of credit
- Lump sum
Although we are located in Kinnelon, New Jersey, we do business throughout the entire state of New Jersey, including surrounding areas such as Butler NJ, Wayne NJ, Paterson NJ, Haledon NJ, Garfield NJ. We also are licensed and work in the state of Florida.