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Find Reverse Mortgage Specialists Near You in Totowa, NJ
Browse reverse mortgage specialists serving Totowa, New Jersey. Contact information and addresses listed below.
6 agents listed
Updated May 2026
Totowa, 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 6 reverse mortgage specialists in Totowa, 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.
Movement Mortgage - John Palumbo's Team - Totowa, NJ
231 Union Blvd 1st Floor, Totowa, NJ 07512
9736993797
Peter D'Angelo at Rate (NMLS #885309)
195 US-46 #1, Totowa, NJ 07512
9732418946
Dawn Logatto - Movement Mortgage
231 Union Blvd Fl 1, Totowa, NJ 07512
2019068682
Gary Cornelius - Movement Mortgage
231 Union Blvd Fl 1, Totowa, NJ 07512
2016943245
All Ways Lending
41 Vreeland Ave Suite 45, Totowa, NJ 07512
9738974529
Rate
195 US-46 #1, Totowa, NJ 07512
9732418946
A reverse mortgage specialist in Totowa, New Jersey helps homeowners aged 62 and older convert part of their home equity into cash without selling the home. New Jersey law requires that borrowers complete a HUD-approved counseling session before applying for a Home Equity Conversion Mortgage (HECM). Specialists in Totowa can guide you through the state-specific disclosure requirements and the mandatory counseling process.
What Does a Reverse Mortgage Specialist in Totowa Cost?
Typical costs for a reverse mortgage in New Jersey include an origination fee (up to $6,000), mortgage insurance premium (2% of the home value upfront plus 0.5% annually), appraisal fee ($400 to $800), and closing costs ($1,500 to $3,000). Total upfront costs often range from $8,000 to $15,000 but can be financed into the loan. These costs vary by lender 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 age requirements for a reverse mortgage in Totowa New Jersey?
Borrowers must be at least 62 years old. If the home is owned jointly, the youngest borrower must meet this age requirement. New Jersey follows federal HECM rules for age eligibility.
Do I need to own my home free and clear to get a reverse mortgage in Totowa?
No, you do not need to own the home free and clear. However, any existing mortgage or liens must be paid off using the reverse mortgage proceeds. The remaining equity can be paid to you as a lump sum, line of credit, or monthly payments.
What happens to the reverse mortgage when I move out or pass away in New Jersey?
The loan becomes due when the last borrower permanently leaves the home or passes away. Heirs have 30 days under New Jersey law to decide whether to pay off the loan or sell the home. If they sell, any remaining equity after loan repayment goes to the estate.
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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.