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.
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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.
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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