Customized & Professional Reverse Mortgage Counseling in New Jersey
New Jersey has one of the highest effective property tax rates in the country, hovering between 2.3% and 2.4% in recent years. With a median home value of about $316,400, the cost of living can be very high—which could prove especially difficult for seniors living on fixed or no incomes. Reverse mortgages in New Jersey are a popular option for senior homeowners who possess equity in their home and would like to create a new source of supplemental funds. If you need financial help and are considering your options, consult the experts at Premier Reverse Mortgage. A large part of a successful reverse mortgage deal is finding the right New Jersey reverse mortgage lender. Premier Reverse Mortgage is here to help you in your decision, offering personalized counseling that is specific to your personal situation.
We Provide the Information You Need to Make a Knowledgeable Choice
HECMs are the most popular reverse mortgage option for homeowners across the country. HECMs are reliable, and each New Jersey reverse mortgage lender that offers this type of loan is regulated and approved by the Federal Housing Administration (FHA). For most senior homeowners, HECMs offer reliable and sufficient cash equity, costs, and terms.
The state of New Jersey has a comparatively high reverse mortgage loan limit because the average property value in New Jersey is so high. This limit is determined by the FHA and restricts the total payment amount you are allowed to receive from a reverse mortgage in New Jersey. If a reverse mortgage isn’t an option, many states offer senior citizen homeowners a chance to defer property tax payments. New Jersey offers a single-purpose option that is similar in function to a reverse mortgage. It is, however, not the same. Eligible senior homeowners with equity in their home can qualify for a Homestead exemption and tax credit. As of 2018, the state is currently working on a property tax deferral product similar to those that exist in many other states.
Reach out to us today to start exploring your options.