No need to back away from reverse mortgages!
Reverse mortgages have grown up in recent years. Our clients aged 62 and older most often use them as a safe option in two instances:
- They have accumulated much of their wealth in their home and would like to access equity without selling.
- They want to purchase a new home without making a monthly principal and interest payment or touching other investments.
Plus, if clients want to pass the home down to their children, it can stay in the family. Heirs pay the amount owed or 95% of the home's appraised value, whichever is less.
Click here to learn more about Reverse Mortgage and Reverse Mortgages for Home Purchase.
Reverse Mortgage Resources:
- Why Reverse Mortgages?
- What to Expect While a Reverse Mortgage is in Process
- Reverse Mortgages: Clearing Up Comming Mtyhs
- Reverse Mortgages for Home Purchase
Questions? Want to see if you qualify? Reach out to the Greenway Team today.
Borrowers typically know about 30- and 15-year fixed rate mortgage loans, yet there are dozens of different loan types beyond just those.
Mortgage planning, like financial planning serves many needs. Our mission is always to tailor the right mortgage program or strategy to best suit the overall goals of our clients.
Do you need the lowest possible housing payment to maximize other investments?
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A 30-year fixed rate loan will probably help.
Do you need to leverage potentially tax-advantaged funds to pay for major home improvement?
- A cash-out refi and home equity line of credit are just two possibilities.
Are you looking for a way to avoid private mortgage insurance or jumbo loan rates?
- A small second mortgage closed simultaneously with the first may be the solution.
Customized Loan Solutions That Meet Your Needs
Greenway Mortgage offers a variety of other loan options to suit the needs of each and every client whether they are looking to buy their first home, move up, refinance, or invest. Some loan options include VA, USDA, FHA, Conventional, Down Payment Assistance, Reverse, Refinance, Renovation, Jumbo, and more. Information on these can be found by visiting our Loan Product page here.
With personalized attention and unmatched expertise, Greenway Mortgage can help customers find the right financing option. Our technology facilitates a low stress, streamlined and paperless workflow that expedites the loan process in a low-pressure sales environment. Our dedicated and knowledgeable loan consultants are available throughout the process.
Contact us today to see what loan option best suits your specific goals.
NJ Conventional Down Payment Assistance Program Increases To $15,000
Now home buyers can dream even bigger! The New Jersey Conventional Down Payment Assistance (DPA) Program has increased to $15,000 for properties in certain New Jersey counties*. This program was created to provide first-time home buyers a flexible and affordable option for purchasing a home.
What Does This Change Mean for Home Buyers?
Now, qualified clients can receive $15,000 to be used towards the down payment and closing with affordable mortgage insurance premiums that follows conventional mortgage guidelines.
About The NJ Conventional DPA Program:
- 30-year, Fixed-Rate Conventional Loan
- Affordable Mortgage Insurance Premiums
- $15,000 for Down Payment and Closing Costs*
Do You Qualify for the New Jersey Conventional Down Payment Assistance Program?
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First-time buyers are borrowers that have not had an ownership interest in their primary residence during the previous three years.
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DPA is a $15,000 forgivable loan with no interest and no monthly payments. Forgiven after 5 years as primary residence (While grant funds are available).
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Single-Family Properties and Condos, Owner Occupied, Primary Residence in NJ, Minimum FICO 620
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Income limits are determined by the county of the purchase property but must not exceed 80% of Area Median Income. Please reference the Freddie Mac HFA Income Limits for additional details.
County List:
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*$15,000 applies to: Bergen, Essex, Hudson, Hunterdon, Mercer, Middlesex, Monmouth, Morris, Ocean, Passaic, Somerset, and Union. Effective November 1, 2022.
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$10,000 applies to: Atlantic, Burlington, Camden, Cape May, Cumberland, Gloucester, Salem, Sussex, Warren.
Bottom Line
We are here to help make homeownership a reality for you. Reach out today to learn more or to see if you qualify for the NJ Conventional Down Payment Assistance Program.
Resources:
Reverse mortgages, available to qualifying homeowners ages 62+, generally come with no limits on the use of the funds.
Reverse mortgage funds are first used to pay any liens on the home, including a regular mortgage or home equity loan. In some cases, a portion of proceeds is withheld or set aside to pay taxes and insurance.
Remaining funds often:
- Offset day-to-day living expenses.
- Cover emergency expenditures, such as car or home repairs.
- Pay for medical costs.
- Provide for in-home care, allowing the owner to remain in their own home longer.
Sometimes, homeowners use a reverse mortgage just to pay off their existing loan. They do not access the remaining funds at all, but they remove the strain of a monthly mortgage payment* from their budget and increase their cash flow.
Some seniors use reverse mortgages to purchase a new home without ever incurring a monthly payment.*
Remember that a reverse mortgage is a loan that will be repaid after your death, after you permanently leave your home, or after the sale of your home. Neither you nor your heirs will be responsible for repaying more than the value of your home at sale.
How Do You Qualify for a Reverse Mortgage?
To be eligible for a reverse mortgage, you must be age 62 or older. You must either own your home outright, or the balance must be low enough that it can be paid off at closing. Borrowers are required to receive free or low-cost information from an HECM counselor prior to obtaining the loan. The goal of the counseling session is to make sure that potential borrowers fully understand and are comfortable with the process and the loan terms.
The ability to pay property taxes, insurance, etc. is determined prior to approval. Single-family homes, condos, townhouses, manufactured homes built after June 1976, and 2-4 unit properties are eligible for a reverse mortgage. A co-op does not qualify. The homeowner is still responsible for property taxes, homeowners insurance, upkeep and any relevant HOA fees.
Contact Us To See If You Qualify!
If you would like to explore the opportunities a reverse mortgage may present for you or your family, contact us!
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We understand that when it comes to your dream home, one size does not fit all. That is why Greenway Mortgage’s Jumbo Elite Mortgage Program may be the best choice to get you closer to the home of your dreams.
Rates on non-conforming loan programs have been far from competitive lately, until now. Greenway has created the Jumbo Elite Mortgage to help our well-qualified clients secure a great rate on loans up to $5 million.
If you are able to demonstrate the ability to repay and are looking for higher loan amounts with more flexible guidelines, Greenway’s Jumbo Elite Program can provide the perfect lending solution.
Features and Benefits
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Loan Amounts Up To $5 million
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Purchase, Rate and Term Refi, and Cash-out Refi* Programs
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Available for Primary Residence, Second Homes, and Multi-families
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Fixed and Adjustable Rates
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Available in NY, NJ, PA & CT
The Fine Print
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Minimum FICO 680
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Up to 90 LTV based on FICO and Loan amount
* Cash-Out Refi subject to max loan amount. Eligibility requirements, exclusions, and other terms and conditions apply.
The Bottom Line
The Jumbo Elite Mortgage will give you more buying power while taking advantage of competitive interest rates. Get in touch to discuss your options and how this program can provide you more choices to help you achieve your financial goals.
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