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 3 reverse mortgage specialists in Passaic, 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.
Shimi Globman at Rate (NMLS #29708)
258 Main Ave Suite # 3, Passaic, NJ 07055
2015911170
Chase Mortgage
620 Main Ave, Passaic, NJ 07055
9737790301
PNC Mortgage
629 Main Ave, Passaic, NJ 07055
9734585138
What Does a Reverse Mortgage Specialist in Passaic 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 costs like appraisal title search and recording fees. Total closing costs often range from 5 000 to 12 000 depending on the home value and lender. Some costs can be financed into the loan. 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 Passaic 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 be a single family home or a HUD approved condominium. New Jersey law also requires a financial assessment to ensure the borrower can pay property taxes and insurance.
How does New Jersey law affect reverse mortgage proceeds?
Reverse mortgage proceeds are not considered income for New Jersey state tax purposes. However the loan must be repaid when the borrower moves out sells the home or passes away. New Jersey has a six month grace period after the last borrower leaves the home before the lender can demand repayment.