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Frequently Asked Questions
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What is a Reverse Mortgage?
Reverse mortgages are designed for homeowners 62 years of age or older, to convert part of their homes equity into tax-free income. You continue to own your home and remain on the property’s title.

Are the reverse mortgage proceeds taxable?
The monies received from a reverse mortgage are not taxable income. We recommend a tax advisor for any specific tax questions.

Do I still pay property taxes and insurance?
You continue to own and maintain you home. You are responsible to pay the property taxes, home owners insurance, and home repairs.

Will my heirs or estate owe more on my home?
The home stands for the debt. Therefore, no debt will ever be passed along to the heirs or estate. If the heirs decide to sell the home. Than any equity that remains, they can keep the difference.  

Can I sell my home or payoff the loan anytime?
Yes, you can sell your home anytime and there is no pre-payment penalty. You continue to own your home and there are no restrictions for you to sell your home.

When is the loan repaid?
A reverse mortgage is a loan secured by borrower’s home and must be repaid. It is most commonly repaid by sale of the home or the heirs can keep the home by acquiring a new mortgage on the home. The loan is due and payable when the last remaining borrower sells the property, permanently leaves the home, or passes away.

What types of properties are eligible?
Single family homes, multifamily homes, condominiums, town homes and PUDS are eligible.

What happens if my spouse passes away? 
As long as one of you remains in the home, no repayment is required.

What is a counseling certificate?
Before applying for a reverse mortgage you are required to obtain a counseling certificate, completed by an independent (HUD) reverse mortgage counselor. We can provide you with a list for you to contact. The counseling session can be completed either by the telephone, or in person. At the end of the session, you will receive a Certificate of Borrower Counseling, which we will need in order to proceed with processing your reverse mortgage.

Are there any restictions on how I can use the money?
There are no restrictions on how you use the reverse mortgage proceeds. You can use the money any way you wish!



Featured Article:

Don’t Wait to Find the New Jersey Reverse Mortgage Help You Need

[Posted on January 22]

Whether you have a big dream that you’d like to pursue but don’t have the resources handy or you’d simply like some extra income, a New Jersey reverse mortgage can provide you with the cash that will allow you to accomplish your goals. If you own your New Jersey home and are 62 or older, then a reverse mortgage can make a lot of sense. So if you are interested in taking advantage of the benefits found with a reverse mortgage, then there’s no reason to wait to find the help you need so you can accomplish your goals more quickly.

Regional Reverse Mortgage will provide you with the New Jersey reverse mortgage information and guidance you need. We proudly offer consultation if you’re not sure of whether or not a reverse mortgage makes sense. We are also available to help you along with the process, from start to finish. No matter the kind of help you need, we at Regional Reverse Mortgage are here to assist. If you have specific goals or want a more comfortable life and a reverse mortgage makes sense, then we will be available for you.
Don’t wait any longer to find professional New Jersey reverse mortgage assistance.

You can browse through our Regional Reverse Mortgage website for more information regarding the various reverse mortgage options available and what is required when going through the reverse mortgage process. If you’d like to speak with a reverse mortgage expert, then don’t hesitate to contact us directly by phone at 800-801-0708.

View Our Featured Video:

Learn the Benefits of a Reverse Mortgage

A reverse mortgage lets you convert the equity in your home into cash. Your lifestyle could be significantly easier by relieving the burden of your monthly mortgage payment, or by supplementing your income.

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Find out more about Reverse Mortgages in NJ by contacting us today!

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NMLS 4855; Regional Reverse Mortgage; HUD-FHA Approved Correspondent Lender, Equal Housing Lender, Licensed Correspondent Lender by the NJ Department of Banking and Insurance. Registered Mortgage Broker-NYS Banking Department, loans arranged through third party providers, Licensed Correspondent Lender by the Connecticut Department of Banking, Licensed Correspondent Mortgage Lender by the Pennsylvania Department of Banking, Licensed Correspondent Lender by the Florida Office of Financial Regulation. Licensed by the DOC under the California Residential Mortgage Lending Act. Any information provided to Regional Reverse Mortgage is considered confidential. © 2010 - All Rights Reserved. | Licenses and Disclosures