Reverse Mortgages New Jersey

Longbridge Financial is proud to be a top-rated reverse mortgage lender in New Jersey with an A+ rating from the Better Business Bureau. Our Mahwah reverse mortgage office is located at 1 International Blvd., Suite 900, Mahwah, NJ 07495. Our team of reverse mortgage loan professionals can be reached by calling (855) 523-4326.

Longbridge is a HUD-approved reverse mortgage provider and proud to offer both Jumbo Reverse Mortgages (Longbridge Platinum) and Home Equity Conversion Mortgages (HECMs). HECM loans are available to New Jersey homeowners who are ages 62 and above, and Jumbo Reverse Mortgages are made available to those ages 60 and above who own a high-value home or condo.

Top 5 Questions About New Jersey Reverse Mortgages

Reverse mortgages are governed by federal laws overseen by the U.S. Department of Housing and Urban Development (HUD). Reverse mortgage applicants in New Jersey need to be at least 62 years of age, own their home outright or have a very low mortgage balance, have no federal debt delinquencies, be financially able to keep up on property expenses (taxes, insurance, HOA fees) and live in the home as their primary residence.

Currently the Federal Housing Administration (FHA) has listed four types of housing as eligible for a reverse mortgage in New Jersey. These include single-family homes, 2-to-4-unit homes with one unit occupied by the borrower, manufactured homes meeting specific requirements, HUD-approved condo projects, and individual condominium units which meet FHA Single Unit Approval requirements.

When considering a reverse mortgage, there are several factors to take into account. Do you have enough money saved for retirement? Should you access your home’s equity? Can you afford a reverse mortgage? Answers to these questions will vary from person to person. And while there is no standard applicant for a reverse mortgage loan, there are certain qualities that can make you a good candidate. The best place to start is by reviewing your personal situation and goals with a licensed professional advisor.

Reverse mortgages have a long history of misconceptions and myths, one of the most often spread being, that with a reverse mortgage, “the bank takes my home!” Fortunately, this is just a myth. Truth be told, a reverse mortgage lender doesn’t want your home and has no interest in taking ownership of it. With a reverse mortgage, borrowers maintain title and ownership of the home as long as they meet loan terms. These terms include paying property taxes, insurance, and home maintenance costs.

Great question! This is the number 1 question our loan professionals get asked. Borrowers usually have a specific need in mind when considering a reverse mortgage. Some hope to enhance their retirement with more money for travel and entertainment while others are just looking for the security of a larger nest egg. Whatever the reason, you’ll be happy to know that in 2022 the U.S. government raised the lending limit to $970,800. With the median New Jersey home value being over $430,000, many retirees will find that they have quite a bit of equity available to help supplement their income.

Seniors in New Jersey

The 2021 U.S. census places the population of New Jersey at 9,267,130 with 1.54 million of their citizens ages 65 and older. With roughly 54 million adults aged 65 and older in the United States today, New Jerseyans only account for 2.9% of all American seniors.

Whether you’ve lived in New Jersey for a long time or are planning to move there, people wanting to retire in The Garden State will find several benefits to take advantage of. New Jersey is a relatively tax-friendly state for retirees. Social Security benefits are not taxed at the state level. Also, state income taxes are lower for both retirement accounts and pensions. New Jersey also has a homestead rebate as a property tax benefit, made available to residents ages 65 and older.

How Are New Jersey Borrowers Using Reverse Mortgage Proceeds?

When it comes to reverse mortgage funds, you can use them to pay for anything you wish. There are no restrictions on what the money can be used for. The money is yours – and can be used for anything you want. Below is a short list of some of the most common uses of reverse mortgage funds2 among senior homeowners.

  • Helping Friends & Family

    Many retirees decide to use cash unlocked from their home’s equity help family members and close friends. Helping a child or grandchild purchase their first home, assisting with college tuition, and paying unexpected medical bills are all events that can be financed with reverse mortgage proceeds.

  • Planning for Your Future

    Creating a financial “safety net” can help bring you peace of mind today and serve as a buffer for potential future financial needs. Reverse mortgage proceeds can allow be used to establish a line of credit, helping you better prepare for unexpected expenses.

  • Paying Off Bills

    With inflation on the rise, most everyone could use a little extra cash to help with regular expenses. Since there are no monthly mortgage payments required1 with a reverse mortgage, many borrowers redirect the money they would use to pay their mortgage toward everyday expenses, bills, credit card balances, and more.

  • Home Upgrades

    Our needs in a home often change as we age. And you may find that your dream home of 20, 30 or even 40 years is in need of some modifications. Greater accessibility, better security, and smart home features can go a far way in equipping your home to meet aging needs. Plus, making long-desired upgrades to your home can make it more comfortable and help you live in it longer. A HECM loan can help make these upgrades more affordable while improving your qualify of life.

Why Retire in The Garden State?

Location, location, location! Many of us want to leave the hustle and bustle of city life behind when we retire, but sometimes we still want it close by. New Jersey is a great choice for those who want the best of both worlds! With New York a short drive from the northern part of the state and Philadelphia a quick drive from the southern part of the state, New Jerseyans are situated between historical cities and landmarks – not to mention entertainment. You can take in a show, have a night on the town and then come back to a welcoming residential life.

New Jersey is also known for its world-renowned healthcare. Morristown Medical Center is nationally ranked for cardiology & heart surgery (#42), gynecology (#28), and orthopedics (#30). This is closely followed by Cooperman Barnabas Medical Center in Livingston and Hackensack University Medical Center in Hackensack. New Jersey is home to 113 hospitals employing more than 150,000 healthcare professionals.

Want to get in touch with your inner beach bum? Two words: Jersey Shore. Although New Jersey is one of the nation’s smaller states, it’s home to 44 beaches and almost 130 miles of coastline. Cape May, Avalon, Ocean Grove, and Sandy Hook are among some of the more well-known shore towns that draw hundreds of thousands of visitors annually. If a more relaxed beach experience is for you, try Point Pleasant Beach in Ocean County, a favorite among retirees. And don’t forget to take in the sights, sounds, and tastes of the state’s iconic boardwalks.

There’s a reason New Jersey is called The Garden State. Despite its smaller size, New Jersey offers plenty of outdoor recreational activities and natural beauty. 22% of the land area is sprawling farms, wetlands, and forest with extensive biking and hiking trails. To the north, the Delaware Water Gap creates the border between Pennsylvania and New Jersey and features 37 miles of riverfront and 27 miles of the famous Appalachian Trail. Combine this with a cornucopia of farmers markets and roadside produce stands and you’ll soon see how much nature New Jersey has to offer.

New Jersey Retirement Housing

There are plenty of housing options for retired seniors in New Jersey. Whether you’re a native New Jerseyan who wants to downsize in or are planning on moving to the state for the first time, the real estate market in New Jersey should have exactly what you’re looking for. As one of the original 13 colonies, New Jersey is a “Who’s Who” of American architectural home styles. Row homes, Tudor and Victorian style homes, farmhouses, ranches, American Foursquare, and styles from the 1920s through the 1950s can be found throughout the state.

New Jersey is also home to multiple 55+ active adult communities and more Americans are choosing these for retirement than ever before. Today’s active retirement communities are far different from those of the past and shouldn’t be confused with nursing homes or assisted living facilities. The modern versions are age-restricted neighborhoods offering independent living and allow retirees to enjoy a more maintenance-free lifestyle. Many seniors enjoy the social aspect which can come with retirement communities including planned group activities, numerous amenities, social functions, and more. The added sense of community is one of the top reasons most residents have for deciding to move to an active adult community.

Things to do in New Jersey

Retirees will find ample opportunities to stay busy when spending their golden years in New Jersey.

  1. Festivals Galore

    New Jersey is home to several nationally known festivals including the Cherry Blossom Festival in Newark, the Hot Air Balloon Festival in Whitehouse Station, and the Strawberry Festival in Cape May. Whatever your interest or cultural heritage, chances are there is a festival for you. This is a fantastic way to explore new cultures, food, and the arts all without ever leaving New Jersey.

  2. Atlantic City

    Whether it’s the boardwalk, the casinos, the entertainment, or the beaches, Atlantic City has something for everyone. A great place for locals to “staycation,” Atlantic City offers many of the perks of Las Vegas, minus the long travel time. Shopping, concerts, historical monuments, and an incredible amusement park are all strong draws for America’s Playground.

  3. Liberty State Park

    From the glistening Manhattan skyline to Ellis Island and the iconic Statue of Liberty, there is no better place to take in some of Northern New Jersey’s most picturesque views than Liberty State Park. The expansive park boasts a two-mile promenade featuring picnic and playground areas alongside the Hudson River. Plus, with open fields and an outdoor performance area, Liberty State Park is an inviting atmosphere for some of the state’s best recreation. The Northern End of the Park includes the Liberty Landing Marina, restaurants and the NJ Empty Sky 9/11 Memorial, while the park’s Western End is home to Liberty Science Center, an interactive science museum and learning center.

  4. Cape May Lighthouse

    Located at the tip of Cape May Point State Park, the Cape May Lighthouse was built in 1859 under supervision of US Army Engineer, William F. Raynolds. The lighthouse was automated in 1946 and continue operation to this day, both as an aid-to-navigation for mariners and an attention-getting landmark. Since opening to the public in 1988, the lighthouse has hosted over 2.5 million visitors climbing to the top to take in the view. And for those who choose not to climb, the Oil House on the grounds offers a fully accessible Visitors’ Orientation Center as well as Museum Shop to take in more of the local history.

  5. Island Beach State Park

    Situated between the state’s historic Barnegat Bay and the Atlantic Ocean, Island Beach State Park is a barrier island stretching 10 miles. Shaped by years of storms and tides, miles of sand dunes and picturesque sandy beaches are home to diverse wildlife and over 400 species of maritime plants. From swimming to surfing, to biking, hiking and even horseback riding – Island Beach State Park offers plenty of recreational activities year-round. The park is also well known by New Jerseyans for its excellent surf fishing, with an abundant population of striped bass, bluefish, summer flounder, and weakfish.

  6. Shopping, Shopping, Shopping

    The Garden state is a shopper’s paradise, touting more malls per square mile than any other state in the country. With 28 malls across the state and countless shopping centers, New Jersey is truly a bargain-hunter’s dream – especially with clothing and footwear being generally sales tax exempt. Plus, with friendly, walkable, bustling towns, like Summit, Ridgewood, Montclair, Haddonfield, and Mullica Hill, shoppers can find unique goods in locally-owned shops across the state. And for those looking for the full retail experience, New Jersey most recently welcomed “American Dream” retail and entertainment complex to the state, conveniently located in the Meadowlands Sports Complex in East Rutherford. With over 450 shops, hundreds of dining options, a theme park, water park, indoor snow and ski resort, aquarium, and observation wheel (among others!) the latest megamall in the Garden State is sure to fill your day.

  7. Sports

    For a small state, New Jersey has a rich sports history. In 1849, the first organized baseball game was played in Hoboken. And just some years later in 1869, the state hosted what is considered to be the first American football game ever played at Rutgers University in New Brunswick. Today, this history is still vibrant across the Garden State. Home to the New Jersey Devils of the NHL, droves of hockey fans flock to Prudential Center in Newark every season to cheer on their home team. The state is also home to the Metropolitan Riveters of the Premier Hockey Federation (formerly the Women’s Hockey League) as well as NJ/NY Gotham FC of the National Women’s Soccer League. And if you’re looking to catch a local game, New Jersey has several minor league sports teams across the state, including 6 minor league baseball teams and 14 minor league soccer teams, among other semipro basketball football and roller derby teams. For the college sports fans, the garden state is also the proud home of the Rutgers Scarlet Knights, competing in the Big Ten Conference. And although their names say otherwise, the NFL’s New York Jets and New York Giants play at MetLife Stadium – right here in East Rutherford, NJ!

Financing your New Jersey Retirement

Admittedly, New Jersey is one of the more expensive states to live in, but it can be worth it if it is the right fit for you. Retirees often find themselves in a situation where retirement isn’t quite meeting their lifestyle expectations. Although they have saved enough to cover their basic living expenses, they don’t have quite enough to retire the way they would prefer. For some, the answer is getting a part time job or reducing their lifestyle. However, if neither of these options sound appealing to you, perhaps you should take a look at a reverse mortgage.

Accessing your home’s equity can help supplement your retirement income by hundreds of thousands of dollars. The amount you can receive depends on how much equity is in the home along with the requirements mentioned earlier to obtain a Home Equity Conversion Mortgage.

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Longbridge’s Military Discount Program is subject to change or cancellation at any time and without notice. This program offering is valid for an appraisal credit of up to $500.00 off allowable closing costs. This program offering can only be redeemed with Longbridge Financial LLC, and is available to U.S. military veterans, their spouses, and the spouses of deceased veterans. Documentation of military service is required; acceptable documents include DD214 Discharge papers, VA / military identity card, VA benefits summary/award letter for income, and the VA benefits letter. Loans must close and be funded with Longbridge Financial LLC as the lender in order to receive credit. The credit will be applied to the overall cost indicated on the HUD-1 Settlement Statement at the time of the closing. This offer is not available for Home Equity Conversion Mortgage for purchase transactions. This is not an offer to make you a loan, does not qualify you for a loan, and is not an official loan disclosure. Loan disclosures, including a Good Faith Estimate of closing costs, are provided upon receipt of a completed application. All loans are subject to approval. Program, rates, and additional terms and conditions apply and are subject to change without notice. Offer is not transferrable. This offer is not redeemable for cash or cash equivalents. Void where prohibited, taxed or restricted by law. Restrictions apply.

  1. Real estate taxes, homeowners insurance, and property maintenance required.

  2. The loan balance increases over time as interest on the loan and fees accumulate.