Best reverse mortgage rates and lenders

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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.

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.

The rates were submitted by each individual lender/broker on the date indicated. Rate/APR terms offered by advertisers may differ from those listed above based on the creditworthiness of the borrower and other differences between an individual loan and the loan criteria used for the HSH quotes. More Info.. These quotes are from banks, thrifts and brokers who have paid for a link to their website in the listings above and you can find additional information about their loan programs on their websites.

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The Lender Showcase ™ is an advertising feature presented by HSH® Associates. All information is provided by the lenders and is believed to be accurate and current as of the posted date. HSH Associates assumes no liability for typographical or other errors and/or omissions, or for unauthorized alterations made to any pages.

Mortgage Rates by State