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Reverse Mortgages in Paterson, NJ
If you are a resident of Paterson, NJ. and are looking for a New Jersey Reverse Mortgage then please read on. This page contains information on the Paterson reverse mortgage. Senior Reverse Mortgage Online is a national provider of reverse mortgages, and offers loans in each city across the state. Benefits and highlights of the Paterson are listed below
A reverse mortgage is a federally-insured home loan that lets a homeowner convert a portion of the home's equity into cash. The equity can be paid to you, the borrower, in one large lump sum, in monthly term or lifetime payments, or be retained in an interest bearing account until the funds are needed. Unlike a traditional home equity loan or second mortgage, NO REPAYMENT of the loan is necessary, so long as the borrower lives in the home.
Paterson Reverse Mortgage Requirements:
- >>Borrowers must be Age 62 years or older
- >>Own their home and have enough equity in to qualify
- >>Occupy the home as primary residence
- >>Receive counseling by an approved HUD/FHA counselor
- >>The home must be in reasonably good repair
Paterson Reverse Mortgage Payment Options
- >> Lump sum disbursement
- >> Monthly payments
- >> Line of credit
- >> A combination of the Above
Paterson Reverse Mortgage Loan Amounts
The amount of a reverse mortgage loan is based on several factors.
- >> Age of the youngest borrower
- >> Value of the home
- >> How much is owed on the home (if any)
- >> Current interest rate
To learn more about reverse mortgages in Paterson, please request a free Reverse Mortgage Quote online. There is no obligation, and the information is free. You may visit the following link to return to the Senior Reverse Mortgage home page.
