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Showing 2 reverse mortgage specialists in Edgewater, NJ
Listings are displayed in no particular order and are not ranked by BeforeMortgageUSA. Order does not constitute a recommendation or endorsement of any broker.
New American Funding - Mike Dickson
115 River Rd Suite 109, Edgewater, NJ 07020
2012477990
Aura Home Loans
3 Myrtle Ave, Edgewater, NJ 07020
6094002872
What Does a Reverse Mortgage Specialist in Edgewater Cost?
Typical costs for a reverse mortgage specialist in New Jersey include an origination fee up to 2 percent of the maximum claim amount or $6,000 whichever is less. Third-party costs like appraisal title insurance and recording fees range from $2,500 to $5,000. Counseling fees are often capped at $125 but may be waived for low-income borrowers. These costs vary by lender and property value. This is general information not mortgage or financial advice.
* Cost estimates are general ranges based on publicly available data and compiled using automated research tools. Actual fees vary by agent and case complexity. This is not mortgage or financial advice — consult directly with an agent for fee specifics.
Frequently Asked Questions
What qualifications does a reverse mortgage specialist in Edgewater need?
A specialist must hold a valid New Jersey mortgage loan originator license. They should also have experience with HECM loans and knowledge of New Jersey consumer protection laws including the New Jersey Reverse Mortgage Act.
Is counseling required for a reverse mortgage in New Jersey?
Yes New Jersey law requires all borrowers to complete a counseling session with a HUD-approved agency before applying. The session covers loan terms costs and alternatives. This applies to all Edgewater residents seeking a reverse mortgage.