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Reverse Mortgage Rates & Quotes from Lenders in your area

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In a nutshell:
A reverse mortgage (RM) is a loan in which a lender pays you while you continue to live in your home. The payments can be made monthly, or in a lump sum, or in the form of a line of credit. You don't have to pay it back while you still live in your home.

To be eligible for a reverse mortgage, you must own your home. The amount you may borrow is generally based on your age (62 is typical), how much home equity you have, and the loan rate.

Get Personalized Reverse Mortgage Quotes...
Progress
1. In what state is the property in question located?
2. What is the property type?
5. Estimated Home value: $480,001 - $500,000
$0 $2,000,000+
6. Current 1st mortgage balance? $240,001 - $250,000
$0 $2,000,000+
Mortgage rates from lenders in your area
Company Lending Area Comments
Millenium Home Mortgage NJ, NY, CT, PA Specializing in Jumbo and 2nd/ Vac Homes. Great Selection of Interest Only Loans!

As a reverse mortgage borrower, you do not give up title to your home, and the money from an RM can be used for any purpose. However, you are responsible for paying all real estate taxes and maintaining your home.

General Information

Top Ten Things To Know If You're Interested In A Reverse Mortgage -- the most frequently asked questions about reverse mortgages. (HUD)

Reverse Mortgages: Cashing in on Home Ownership -- Facts to consider; safeguards; resources; and how to file a complaint about an RM provider. (FTC)

How HUD's Reverse Mortgage Program Works. The latest information is available at the HUD website.

HUD's Lender Locator lets you find a HUD-approved Reverse Mortgage lender in your area.

State-Specific RM Programs

A brief introduction to New Jersey's reverse mortgage program.