Reverse Mortgages

NJ Lenders Corp.

LendGen is a leading Reverse Mortgage lender. All of our loan officers are trained on the latest trends

What is a Reverse Mortgage?

A Reverse Mortgage is the opposite, or "reverse" of a conventional mortgage. There are no monthly payments required.  Instead, a reverse mortgage is a loan that can result in a payment to you each month. The loan balance is only repaid when the home is sold or you no longer occupy it as a primary residence. You continue to retain ownership and title to the home with a reverse mortgage.

Benefits of a Reverse Mortgage

• Adults over the age of 62 are able to stay in their home while collecting a payment each month to cover normal living expenses. 
• Reverse mortgage loans are typically government-insured, allowing loan limits to be approved based on a maximum home value.
• Allows you to turn your home equity into income.

Reverse Mortgage Features

• No monthly payment. Borrowers receive a payment amount each month upon approval. 
• Title and ownership of the home are retained.
• All proceeds are not subject to personal income taxation. 
• Income and credit considered when qualifying.

Reverse Mortgage Eligibility

• You must be at least 62 years of age
• You must occupy the home as a primary residence
• The home must be a single-family or a two-to-four unit dwelling
• Most townhomes, planned unit developments (PUDs), detached homes, FHA approved condominiums and some manufactured homes are eligible