Reverse Mortgage Counseling - Reverse Mortgages Counseling - Housing Coalition of Central Jersey, Incorporated (Middlesex County)

HOUSING COALITION

100 Bayard Street, 3rd Floor, New Brunswick, NJ 08901
T: 732-249-9700, F: 732-249-4121
Interim Executive Director: Claire Lawrence

Individual
Counseling

Fair Housing

Landlord/Tenant

Permanent Housing

Middlesex Match

Reverse Mortgage

Default

Pre-Purchase

Section 8

First-Home Club

Reverse Mortgage Counseling

Reverse mortgages allow homeowners, age 62 or older, to borrow against the equity in their home. Generally, the loan has to be repaid upon the death of all of the homeowners or if the house is sold. The homeowners are able to borrow only a portion of the value of the home, and can never owe more than its value when sold. Counseling is required prior to loan approval.

At the counseling session, Coalition staff:

Identify the reason(s) the homeowner is considering a Reverse Mortgage
Calculate the maximum allowable loan
Explain payment options (lump-sum, monthly payments, line of credit)
Review the terms of the loan (interest, closing costs, monthly fees, repayment)
As appropriate, review other programs for which the homeowner is eligible

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Serving Avenel, Carteret, Port Reading, Colonia, Sewaren, South Plainfield, Woodbridge, Keyport, Matawan, Plainsboro, Princeton, Cranbury, Dayton, Dunellen, East Brunswick, Kendall Park, Helmetta, Iselin, Monroe Township, Keasbey, Metuchen, Middlesex, Milltown, Monmouth Junction, Piscataway, Old Bridge, Parlin, Perth Amboy, Fords, Sayreville, South Amboy, South River, Spotswood, Edison, North Brunswick, Highland Park, and New Brunswick in Middlesex County.