New Jersey Reverse Mortgages

Reverse Mortgages in New Jersey

 If you have been looking for information on reverse mortgages in New Jersey, this post should give you some general information to consider. If you would like to get more information about your specific situation, feel free to contact us directly.

What is a reverse mortgage?

 A reverse mortgage is a specific kind of loan, designed for those over the age of 62 and retired, that enables them to secure an income by borrowing money against the equity in their homes. The loan can either be delivered to the borrower in the form of a monthly income, tax-free, or all at once in a lump sum. This option allows retirees to remain the owners of their home while incurring an income for their fun and free golden years!

Essentially what happens is much like a normal mortgage, only, as the name implies, in reverse! Instead of you paying the lender for your home, they buy your home equity from you and pay you it’s worth each month. This income is yours to spend as you wish; there are no spending restrictions or stipulations.

In order to qualify for a reverse mortgage, you must meet a few requirements. The candidate must be 62 years of age or above, and the home must be their primary residence. The candidate must also own at least 30% of their home’s equity. Finally, the candidate must not be planning for their heirs to inherit the home.

Another benefit of a reverse mortgage is that is does not come due until you sell your home or pass away. Some potential candidates might be apprehensive about the lender having ownership of the equity, but a reverse mortgage does not give the lender the right to possess your home under any circumstances. You are the owner of your home until you decide to sell or pass away, in which case the balance on the reverse mortgage is inherited by your children or heirs along with your estate. It must be repaid, but this can be simply a matter of your heirs selling the home and using the proceeds to pay the lender.

There are several options for the delivery of the reverse mortgage, and you may decide to combine one or more in order to meet your financial goals. The lender can provide the money in the form of an income, with monthly deposits, or it can be transferred all at the same time in a one-time payment at the closing. Additionally, if you are interested in setting up a new credit line, the lender is able to tie it directly to the equity they purchase from you.

Whether you are in need of income to be put towards living expenses, medical bills, or even that trip you’ve always wanted to take, a reverse mortgage may be a viable option for you!

If you are looking for a reverse mortgage in New Jersey, contact Advisors Mortgage Group today!

Now is the time to get a Morris County, NJ Mortgage Loan!

Now is the time to get a Morris County, NJ Mortgage Loan!

Looking to purchase a home can be an intimidating prospect, particularly in today’s economy. With so many stories of financial crisis and the push-pull of the upcoming election, many people are hesitant even to make the first step in a buying process! However, there are a few areas where now is the perfect time to buy, precisely because real estate prices are at a five-year low.

One such place is Morris County, NJ. This beautiful area of the country is full of rolling hills and cultural heritage, with charming communities and plenty of things to do! It is ideally located just 25 miles west of New York City, allowing not only for a manageable commute to the city for work but also providing a plethora of cultural opportunities such as museums, the ballet, opera, fine dining, shopping and more.

In Morris County, home prices are lower now than at any point in the last five years with an overall average home price of $363,000 as of July 2012. With exceptionally low Morris County, NJ mortgage rates available, it’s an ideal time to get a home and mortgage loan.

In Morris County there is a place for every taste and budget. Harding Township has the highest overall home price in the county at $955,300, with the lowest home price in the city of Dover at $212,800. If you are looking for a single family home in the area, the overall average price is $367,900.

There are several cities in Morris County that offer Condos or Co-op community choices, including Boonton, Montville, Morris Township, Morrisville, Mount Olive Township, Riverdale, Rockaway Township, and Wharton. These Condos/Co-ops are currently at an average price of $265,000, making them an extremely affordable option.

Home prices in Morris County are down 3.7% year-over-year, making now the prime time to purchase a home, and as a local NJ lender, Advisors Mortgage Group, LLC can help you get the best mortgage rate available through one of our many home loan programs, including FHA, VA and Conventional mortgage options.

With many factors presenting a financial landscape that is ripe with possibilities, remember that the current affordable home prices and low New Jersey mortgage rates may not last much longer. So take advantage of Morris County’s beautiful countryside with easy access to the sights and sounds of the city by purchasing a home with one of our many New Jersey mortgage loan options. Whether you are looking at purchasing a home for your family to grow or seeking a place to retire, live, work and play, Morris County could be the home for you!

What Kind of New Jersey Mortgage is Right for YOU?

What Kind of New Jersey Mortgage is Right for YOU?

If you want to buy a home in New Jersey, it's important to know what kind of home mortgage loan is best for you. Getting a pre-approval is a great way to know what you can afford before you start searching for homes. Don't get discouraged if the first place you go doesn't offer the rate, down-payment or monthly payments that you are looking for. There are multiple options for mortgage loans in New Jersey that may suit you better.

New Jersey FHA Home Loans

An FHA mortgage loan is a great place to start, especially for first time home buyers and those who may not have a large down payment available as well as those who may not qualify for a conventional mortgage. FHA mortgage loans in New Jersey can provide you with a down payment as small as 3.5%, reasonable rates and easier qualifications than a traditional mortgage. Backed by the Federal Housing Administration with a guarantee to the lender to pay off the mortgage loan should the mortgage go in default, an FHA loan provides more opportunity for lower credit borrowers.

New Jersey Conventional Mortgage Loans

A conventional mortgage loan can provide you with the best mortgage rates available in New Jersey. Generally New Jersey conventional mortgage loans are best for those who have good credit, need large loan amounts and those wanting low mortgage rates, flexible loan terms or have larger down payments. Although the qualifications are a little tighter than an FHA mortgage loan, there is a lot of benefit available in conventional mortgages.

New Jersey VA Home Loans

Although VA mortgage loans only cover veterans or active duty service members and spouses, this type of loan offers up to 100% financing, meaning it makes it possible to purchase a home with no down payment. VA home loans also offer great rates and have a little more wiggle room when it comes to credit qualification as well as loan amounts. If you are in the service or are a veteran looking for a home mortgage in New Jersey, you probably won't find a better deal than a VA mortgage loan.

Getting a Mortgage Loan in New Jersey

 If you are looking for a NJ mortgage lender, Advisors Mortgage Group, LLC offers the above mentioned mortgage opportunities, as well as mortgage refinance and New Jersey reverse mortgages. If you would like to see what kind of mortgage loan will meet your unique situation, feel free fill out the "Get a Quick Quote" form on www.njmortgageexperts.com.