Find Reverse Mortgage Specialists Near You in Shrewsbury, NJ
Compare reverse mortgage specialists in Shrewsbury. Review contact information and insurance categorys before you decide.
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State Mortgage Licensing Authority of New Jersey before hiring.
Showing 12 reverse mortgage specialists in Shrewsbury, NJ
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A reverse mortgage specialist in Shrewsbury, New Jersey helps homeowners aged 62 and older convert home equity into cash. New Jersey law requires borrowers to complete HUD-approved counseling before applying. Local specialists understand Monmouth County property values and can guide you through the process.
What Does a Reverse Mortgage Specialist in Shrewsbury Cost?
In New Jersey, reverse mortgage costs include an origination fee capped at 2 percent of the first 200,000 dollars of the home value plus 1 percent of any amount over that. Other costs include an appraisal fee of 450 to 600 dollars, a credit report fee of 30 to 50 dollars, and title insurance. Counseling fees range from 125 to 150 dollars. Closing costs vary by lender and property value. 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 Shrewsbury New Jersey?
You must be at least 62 years old and own your home outright or have a low mortgage balance. The home must be your primary residence. New Jersey law also requires you to attend a counseling session with a HUD-approved counselor before you can apply.
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 move out, sell the home, or pass away. In New Jersey, the lender must provide a detailed disclosure statement at least three days before closing.
What costs are involved with a reverse mortgage specialist in New Jersey?
Typical costs include an origination fee, appraisal fee, and closing costs. In New Jersey, the origination fee is capped at 2 percent of the first 200,000 dollars of home value plus 1 percent of the amount above that. Counseling fees are usually around 125 to 150 dollars but may be waived for low-income borrowers.