Reverse Mortgage Loans in Hoboken, NJ – Serving New York – Manhattan, New Jersey, California, Connecticut & Florida
You've worked hard and built up equity in your home. Why not use that to your financial advantage? At Northstar Funding in Hoboken, NJ, we offer reverse mortgage loans to those who qualify in Hoboken, NJ.
A reverse mortgage loan is a type of loan available to homeowners, 62 years or older, that allows them to convert part of the equity in their home into cash.
The product was conceived as a means to help retirees with limited income use the accumulated wealth in their homes to cover basic monthly living expenses and pay for health care. However, there is no restriction how reverse mortgage proceeds are used.
The loan is called a reverse mortgage loan because instead of making monthly payments to a lender, as with a traditional mortgage, the lender makes payments to the borrower.
The borrower is not required to pay back the loan until the home is sold or otherwise vacated. As long as the borrower lives in the home he or she is not required to make any monthly payments towards the loan balance. The borrower must remain current on property taxes, homeowners insurance and condominium fees (if applicable).
An Alternate Option for Financial Flexibility
A reverse mortgage loan can be a good source of income when funds have otherwise run dry. And best of all, our reverse mortgages come with extremely flexible repayment plans. When you work with Northstar Funding in Hoboken, NJ, we'll take the time to walk you through your options, explain the benefits of reverse mortgage loans, and answer any questions you might have. Our caring, knowledgeable team is dedicated to helping clients like you make the most of their financial options; and our commitment to customer satisfaction means that you can expect exceptional service every step of the way.
You have nothing to lose by getting the facts about reverse mortgage loans. Call us today for more information, and see if a reverse mortgage loan is right for you.