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 6 reverse mortgage specialists in Bloomfield, 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.
Aceland Mortgage LLC
16 Orange St # 101, Bloomfield, NJ 07003
9738335288
Peter Vander Valk: Mortgage Loan Officer
16 Orange St # 101, Bloomfield, NJ 07003
7325526844
Reverse Mortgage Funding LLC
1455 Broad St 2nd floor, Bloomfield, NJ 07003
8884940882
Reverse Mortgage Funding LLC - William Hillyer
1455 Broad St 2nd floor, Bloomfield, NJ 07003
9083772939
Reverse Mortgage Funding LLC - Matt Allen
1455 Broad St 2nd floor, Bloomfield, NJ 07003
5418974464
Reverse Mortgage Funding LLC - Mark Draper
1455 Broad St 2nd floor, Bloomfield, NJ 07003
7324476217
What Does a Reverse Mortgage Specialist in Bloomfield Cost?
Typical costs for a reverse mortgage 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 closing costs such as appraisal and title search ranging from $2,000 to $5,000. New Jersey also charges a state recording fee and possible transfer taxes. Total costs often range from $8,000 to $15,000 but vary by loan amount 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 are the eligibility requirements for a reverse mortgage in Bloomfield 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 meet Federal Housing Administration standards. New Jersey also requires a mandatory counseling session with a HUD-approved counselor before loan approval.
How much can I borrow with a reverse mortgage in Bloomfield New Jersey?
The amount depends on the appraised home value, the borrower age, and current interest rates. In New Jersey the maximum claim amount for an FHA reverse mortgage is $1,089,300 as of 2024. Younger borrowers typically receive less than older borrowers.
Are reverse mortgage proceeds taxable in New Jersey?
Reverse mortgage proceeds are not considered taxable income by the IRS or New Jersey state tax authorities. However interest on the loan is not tax deductible until the loan is repaid. Borrowers should consult a tax professional for their specific situation.