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Showing 2 reverse mortgage specialists in Monmouth Beach, 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.
Sea View Mortgage
27 Beach Rd #5a, Monmouth Beach, NJ 07750
7324434859
Gary Fish-SeaView Mortgage
27 Beach Rd #5a, Monmouth Beach, NJ 07750
7325805667
What Does a Reverse Mortgage Specialist in Monmouth Beach Cost?
The cost of a reverse mortgage in New Jersey includes an origination fee, upfront mortgage insurance premium, appraisal, title search, and recording fees. For a home valued at 400,000 dollars, total closing costs may range from 8,000 to 12,000 dollars. Annual costs include a 0.5% mortgage insurance premium and servicing fees. Costs vary by lender, property value, and loan type. 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 Monmouth Beach?
Borrowers must be at least 62 years old and own their home outright or have a low mortgage balance. The property must be a primary residence, such as a single-family home, HUD-approved condo, or manufactured home. New Jersey law also mandates a financial assessment and counseling session.
How does New Jersey law affect reverse mortgage proceeds?
New Jersey does not tax reverse mortgage proceeds as income. However, borrowers must continue to pay property taxes, homeowners insurance, and maintain the home. New Jersey also requires lenders to disclose all terms clearly under the New Jersey Consumer Fraud Act.
What fees are associated with a reverse mortgage in New Jersey?
Typical fees include an origination fee (up to 2% of the home value), mortgage insurance premium (2% upfront plus 0.5% annually), appraisal fees, and closing costs. In New Jersey, total closing costs often range from 2,000 to 5,000 dollars, but this varies by lender and property value.