Find Reverse Mortgage Specialists in Phillipsburg, NJ
Browse reverse mortgage specialists serving Phillipsburg, New Jersey. Contact information and addresses listed below.
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 7 reverse mortgage specialists in Phillipsburg, 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 Phillipsburg Cost?
Typical costs for a reverse mortgage specialist in New Jersey include an origination fee of up to $6,000, a mortgage insurance premium of 2% of the home value, and third-party fees for appraisal, title search, and recording. In Phillipsburg, total closing costs often range from $3,000 to $8,000. These amounts vary based on home value, loan type, and lender. 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 is a reverse mortgage specialist in Phillipsburg?
A reverse mortgage specialist is a licensed professional who guides homeowners through the process of obtaining a Home Equity Conversion Mortgage (HECM). They explain eligibility requirements, loan terms, and repayment obligations specific to New Jersey law.
Who is eligible for a reverse mortgage in New Jersey?
Eligibility requires that all borrowers be at least 62 years old, own the home outright or have a low mortgage balance, and live in the home as a primary residence. New Jersey law also mandates a financial assessment and independent counseling session.
What are the costs of a reverse mortgage in Phillipsburg?
Costs include an origination fee, appraisal fee, mortgage insurance premium, and closing costs. In New Jersey, origination fees are capped at $6,000 for most HECM loans. Total costs typically range from $2,000 to $8,000 depending on the home value and loan terms.