Reverse Mortgage FAQ
MortgageloansNJ.com
If you have a question that is not listed please visit the consultation center. A mortgage expert will respond to your answer the next business day.
Can I get a reverse mortgage if I already have a loan on my home?
Yes, however the first loan must be paid off before you can receive a reverse mortgage. Some lenders allow you to refinance using the reverse mortgage or pay off the remaining amount of the first loan if it is reasonable.
My home is in trust do I qualify?
Yes, but you need to be the primary or sole trustee.
My children and I current own our home for estate reasons, is that a problem for me qualifiying?
If your children are over 62 and live in the home it is not a problem. If your children do meet both of these requirements they may need to be taken off the title.