25 E Spring Valley Ave, Maywood, NJ 07607
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Reverse Mortgages

reversemortgage

reverse mortgage is a home mortgage loan designed to convert the equity in your  home into available cash. While most mortgages require you to make a payment, a reverse mortgage makes payments to you! The greatest benefit of a reverse mortgage is that there are no payments due as long as you live in your home. Reverse mortgages are different than a typical home loan in the following ways:

  • Your income is not a factor in being approved
  • There are no monthly payments due
  • It raises your monthly income
  • You are protected against ever owing more than your home is worth
  • You can never loose your home as long as you maintain the property and keep the taxes/insurance paid

In order to be approved for a reverse mortgage you must be 62 years or older and have equity in your home. If you fit this profile, you should consider a reverse mortgage to accommodate retirement rather then downsizing or renting. In addition, you could use the money from your reverse mortgage however you want!