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Looking for a reverse mortgage specialist in Somers Point? Review the directory below to compare your options.
2 agents listed
Updated May 2026
Somers Point, NJ
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 2 reverse mortgage specialists in Somers Point, 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.
RockCrest Financial
551 New Rd STE B, Somers Point, NJ 08244
8567778997
Ultimate Home Mortgage
43 Mays Landing Rd a, Somers Point, NJ 08244
6402055507
A reverse mortgage specialist in Somers Point, New Jersey helps homeowners aged 62 and older access home equity without monthly payments. New Jersey law requires borrowers to complete a counseling session with a HUD-approved counselor before applying. This service is useful for seniors in Atlantic County who want to supplement retirement income or pay for home repairs.
What Does a Reverse Mortgage Specialist in Somers Point 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. Total closing costs often range from 6,000 to 12,000 dollars. Costs vary by loan amount and lender. 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 eligibility requirements for a reverse mortgage in Somers Point?
Borrowers must be at least 62 years old and own their home outright or have a low mortgage balance. The home must be the primary residence, and the borrower must complete HUD-approved counseling. New Jersey does not have additional state-specific age or income limits beyond federal rules.
How does New Jersey law affect reverse mortgage payouts?
New Jersey follows federal HECM rules for payout options, including lump sum, monthly payments, or a line of credit. The state does not impose extra restrictions on payout types. However, property taxes and insurance must remain current to avoid loan default.
Can a reverse mortgage be foreclosed in New Jersey?
Yes, if the borrower fails to pay property taxes, homeowners insurance, or maintain the home. New Jersey law requires lenders to provide a notice of default and a 30-day cure period before foreclosure. The state also has a mandatory mediation program for certain foreclosure cases.
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About Our Listings
Brokers listed on BeforeMortgageUSA.com are compiled from publicly available directories, state mortgage licensing authority records, and business listings. Inclusion does not constitute endorsement. We do not verify broker licensing, disciplinary status, or qualifications. Verify each broker's current standing with the New Jersey.