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Directory of reverse mortgage specialists in Basking Ridge, New Jersey. Verify credentials with the state mortgage licensing authority before hiring.
5 agents listed
Updated May 2026
Basking Ridge, 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 5 reverse mortgage specialists in Basking Ridge, 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.
Embrace Home Loans - Basking Ridge, NJ
180 Mt Airy Rd Ste 104, Basking Ridge, NJ 07920
9087452101
Michael Puorro | The Puorro Team
180 Mt Airy Rd Suite 100, Basking Ridge, NJ 07920
9736996436
Molly Briggs at Rate (NMLS #346710)
68 N Finley Ave, Basking Ridge, NJ 07920
9738401966
Rick LaHara, Loan Officer, Northpointe Bank
222 Mt Airy Rd, Basking Ridge, NJ 07920
9082160050
Chase Mortgage
25 Mountainview Blvd #1, Basking Ridge, NJ 07920
9086052038
A reverse mortgage specialist in Basking Ridge, New Jersey helps homeowners aged 62 and older convert home equity into tax-free funds. New Jersey law requires borrowers to complete a HUD-approved counseling session before obtaining a Home Equity Conversion Mortgage (HECM). This specialist can guide you through the process, including property tax deferral programs available in Somerset County.
What Does a Reverse Mortgage Specialist in Basking Ridge Cost?
Typical costs for a reverse mortgage specialist 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 costs can range from 2000 to 8000 dollars depending on the property value and loan type. Note that 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 Basking Ridge?
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 complete a HUD-approved counseling session. New Jersey law also requires that you maintain property taxes and homeowners insurance.
How does a reverse mortgage affect my heirs in New Jersey?
Heirs can repay the loan balance or choose to sell the home. If the home is sold, any remaining equity goes to the heirs. New Jersey does not have a state estate tax on reverse mortgage proceeds, but federal tax rules may apply.
Are reverse mortgage proceeds taxable in New Jersey?
No, reverse mortgage proceeds are considered loan advances, not income. Therefore, they are not subject to New Jersey state income tax. However, interest paid on the loan is not deductible until the loan is repaid.
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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.