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Showing 2 reverse mortgage specialists in Wayne, 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.
Trinity Lending Company
1501 Hamburg Tpke Suite 303, Wayne, NJ 07470
9734535692
Patrick Butler
1445 Valley Rd, Wayne, NJ 07470
9738182853
What Does a Reverse Mortgage Specialist in Wayne Cost?
Typical costs for a reverse mortgage specialist in New Jersey include an origination fee of up to 2 percent of the home value capped at 6000 dollars. Third-party costs such as appraisal title and recording fees range from 2000 to 5000 dollars. HUD requires a mortgage insurance premium of 2 percent of the home value upfront plus 0.5 percent annually. 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 eligibility requirements for a reverse mortgage in Wayne New Jersey?
You must be at least 62 years old and own your home outright or have a low mortgage balance. The property must be your primary residence and meet FHA standards. New Jersey law also requires you to complete a counseling session with a HUD-approved counselor before applying.
How does a reverse mortgage affect my New Jersey property taxes?
You remain responsible for paying property taxes and homeowners insurance. New Jersey offers a Senior Freeze property tax deferral program that may help eligible homeowners. A specialist can explain how reverse mortgage proceeds might affect your eligibility for that program.
Can I lose my home with a reverse mortgage in New Jersey?
Yes if you fail to pay property taxes or homeowners insurance or if you move out of the home for more than 12 months. New Jersey law provides a right of rescission allowing you to cancel the loan within three business days of closing. You must also keep the home in good repair.