Important: Listings are compiled from publicly available sources and have not been independently verified by BeforeMortgageUSA.com. We do not endorse any broker or guarantee outcomes. Verify licensing and disciplinary status with the New Jersey before hiring.
Showing 6 reverse mortgage specialists in Flemington, 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.
The Glenn Davis Group at CrossCountry Mortgage
35 Mine St, Flemington, NJ 08822
6094609100
Dean "D.J." Seneca- NEXA Mortgage
70 Church St, Flemington, NJ 08822
9083282861
Chase Mortgage
318 NJ-31, Flemington, NJ 08822
9088249020
Chase Mortgage
75 Reaville Ave Ste 2, Flemington, NJ 08822
9087827168
First Advantage Mortgage Services
84 Park Ave G208, Flemington, NJ 08822
9082370101
PNC Mortgage
240 US-202 31 N, Flemington, NJ 08822
9082370829
What Does a Reverse Mortgage Specialist in Flemington Cost?
Typical costs for a reverse mortgage in New Jersey include an origination fee of up to 2 percent of the home value, a mortgage insurance premium of 2 percent of the appraised value, and third-party fees such as appraisal and title search. These fees can range from 2000 to 6000 dollars depending on the loan amount and property value. This is general information and does not constitute 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 eligibility requirements for a reverse mortgage in Flemington New Jersey?
You must be at least 62 years old and own your home outright or have a low mortgage balance. The property must be your primary residence, and you must participate in a HUD-approved counseling session. New Jersey law also requires lenders to verify that you have the financial ability to pay property taxes and homeowners insurance.
How does a reverse mortgage work in New Jersey?
A reverse mortgage allows you to borrow against your home equity without making monthly payments. The loan becomes due when you sell the home, move out permanently, or pass away. In New Jersey, lenders must provide a clear explanation of loan terms and costs, and you have three business days after closing to cancel the loan without penalty.
Are reverse mortgage proceeds taxable in New Jersey?
Reverse mortgage proceeds are generally not considered taxable income by the IRS or the state of New Jersey. However, interest on the loan is not deductible until the loan is repaid. You should consult a tax professional for advice specific to your situation.