Reverse Mortgages now serving Co-Ops

North Jersey Group has recently created a proprietary loan product for seniors currently residing in Co-Op’s which will be a welcome addition to the mortgage field.

And that is the problem for many seniors wanting to stay in their homes rather than having to sell to access the cash locked in their property. Until recently, reverse mortgages were not available to co-op owners in New Jersey, but now one lender has created a proprietary product that can be applied to co-ops as well as other types of dwellings, such as single family homes and condos.

The reverse mortgage addresses the dilemma faced by people rich with real estate but poor in cash by turning the equity in a senior’s home into available cash that requires no monthly payments, nor does it have to be repaid until the owner sells, leaves the home permanently or dies. No income is needed to qualify, either. The only requirement to be eligible for a reverse mortgage is that the borrower owns his or her home, be 62 years of age and not be delinquent on any federal debt. Loan amounts are calculated based on age and property value. Consumers should know that all reverse mortgages have some type of upfront fees making them more expensive than other mortgage products.  Full Article

Written by charles dennis on August 2nd, 2007 with no comments.
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