Reverse Mortgage Specialists in Morris Plains, NJ
Compare reverse mortgage specialists in Morris Plains. Review contact information and insurance categorys before you decide.
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
State Mortgage Licensing Authority of New Jersey before hiring.
Showing 2 reverse mortgage specialists in Morris Plains, 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.
What Does a Reverse Mortgage Specialist in Morris Plains Cost?
Typical costs for a reverse mortgage in New Jersey include an origination fee which can be up to $6,000, a mortgage insurance premium of 2% of the home value, and third party costs like appraisal and title search. Total closing costs often range from $5,000 to $15,000 depending on the property value. These costs can be financed into the loan so no out of pocket payment is required. This is general information and 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 eligibility requirements for a reverse mortgage in Morris Plains New Jersey?
Borrowers must be at least 62 years old and own their home outright or have a low mortgage balance. The property must be the primary residence and a single family home or an approved condominium. New Jersey law also requires a mandatory counseling session with a HUD approved agency.
How much can I borrow with a reverse mortgage in Morris Plains?
The amount depends on the youngest borrowers age current interest rates and the appraised value of the home. In New Jersey the maximum claim amount for an FHA insured HECM is currently $1,089,300 as of 2024. A specialist can provide a personalized estimate based on your specific situation.
Are reverse mortgage proceeds taxable in New Jersey?
Reverse mortgage proceeds are generally not considered income for federal or New Jersey state tax purposes. The money is a loan advance not earnings. However interest on the loan is not deductible until the loan is repaid. Consult a tax professional for advice specific to your case.