New Jersey Reverse Mortgages
Are you over age 62 and trying to live on a fixed income? If you own a home in New Jersey, you may qualify for a reverse mortgage. So long as there is equity built up in your New Jersey house or condominium, you could get monthly checks instead of paying your monthly mortgage payment.
A reverse mortgage is a type of home equity loan for older homeowners. The loan is based on the equity available in your house and how old you are when you initiate the loan. You then get payments every month. These payments are not considered income, so you do not have to pay federal or New Jersey income tax on them. However, the home much be your main residence, and you must live there. You cannot rent out rooms in the house, either.
Increase Your Earnings with New Jersey Reverse Mortgages
Money paid to you under a reverse mortgage will not affect your ability to qualify or collect Medicare or Social Security benefits. Due to the relatively rare occurrence of reverse mortgages and their complications, it may take longer than a traditional mortgage to complete. However, 4MortgageRateQuotes.com can help.
At 4MortgageRateQuotes.com, once you fill out our simple quote request form, up to four qualified reverse mortgage lenders will contact you. We at 4MortgageRateQuotes.com are not in the business of reverse mortgages. Our job is strictly limited to matching you to lenders who offer the best rates and fees. Our services are free of charge and carry no obligations, so fill out our quote request form now!