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Showing 2 reverse mortgage specialists in Egg Harbor City, NJ
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On The House - Homes and Loans
801 Atlantic Ave Ste 1, Egg Harbor City, NJ 08215
6402330009
CC Home Loans & Realty
200 White Horse Pike, Egg Harbor City, NJ 08215
6403000197
What Does a Reverse Mortgage Specialist in Egg Harbor City Cost?
Typical costs for a reverse mortgage specialist in New Jersey include an origination fee (up to 2% of the home value, capped at $6,000), a mortgage insurance premium (2% of the appraised value upfront plus 0.5% annually), and third-party fees such as appraisal ($400 to $600) and title search ($300 to $800). Closing costs generally range from $2,000 to $5,000. 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 are the age requirements for a reverse mortgage in New Jersey?
Borrowers must be at least 62 years old. All homeowners on the title must meet this age requirement. New Jersey follows federal HUD rules for Home Equity Conversion Mortgages.
Do I need to own my home free and clear in Egg Harbor City?
No, you do not need to own your home free and clear. However, you must have substantial equity in the property. Any existing mortgage must be paid off with the reverse mortgage proceeds.
What types of homes qualify for a reverse mortgage in New Jersey?
Qualifying properties include single-family homes, HUD-approved condominiums, and manufactured homes that meet FHA standards. Two to four unit properties may also qualify if the borrower occupies one unit.