Reverse Mortgages Help NJ Retirees
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Increase Your Cash Flow Once You Retire in NJ
Reverse Mortgages in NJ are on the rise! Reverse Mortgages are no longer a last resort, but encouraged for retirees looking for additional money. Your Mortgage Company in NJ has the answers to your Reverse Mortgage questions. Contact us for more information on a Reverse Mortgage for your NJ home.
Source: Wall Street Journal
Reverse mortgages aren't just for people struggling to keep their homes anymore.
The loans also can work for well-heeled retirees looking for a buffer to keep them from selling investments at the wrong time, according to academic researchers. And Congress last month gave a boost to the type of reverse mortgage that works best for that purpose.
Reverse mortgages let homeowners who are at least 62 years old borrow against their home equity. The loans don't have to be used for a specific purpose, but typically are used for home modifications, repairs, medical expenses or home care that elderly people might not otherwise be able to afford.
The loan is due, with interest, when homeowners move out, sell the home, die or fail to pay property taxes or homeowner's insurance premiums. The homeowner's heirs typically sell the house, pay the balance and keep whatever is left.
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