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Showing 2 reverse mortgage specialists in New Providence, 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.
South River Mortgage
219 South St Suite 102, New Providence, NJ 07974
8442306679
Chase Home Lending
75 South St, New Providence, NJ 07974
6023036290
What Does a Reverse Mortgage Specialist in New Providence 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 costs such as appraisal and title search fees. Total closing costs often range from 5,000 to 10,000 dollars for a home valued around 400,000 dollars. Costs vary by loan type 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 New Providence?
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 law does not add additional age or residency requirements beyond federal rules.
How does a reverse mortgage affect my heirs in New Jersey?
Heirs can keep the home by paying off the loan balance or selling the property. If the sale does not cover the full loan amount, the estate is not liable for the difference under federal non-recourse rules. New Jersey law protects heirs from personal liability for any deficiency.
Are reverse mortgage proceeds taxable in New Jersey?
Loan proceeds from a reverse mortgage are not considered income by the IRS or the State of New Jersey. They do not affect Social Security or Medicare benefits. However, they may impact eligibility for Medicaid or other need-based programs, so a specialist can help evaluate your situation.