Reverse Mortgage
Reverse Mortgage Services in New Jersey
Unlock the Value of Your Home with a Reverse Mortgage
At Tony Fahim Mortgage, we understand that retirement should be a time to enjoy financial peace and freedom. If you are a homeowner aged 62 or older in New Jersey looking for a way to supplement your income, pay off debts, or cover healthcare expenses, a reverse mortgage could be the ideal solution for you.
What is a Reverse Mortgage?
A reverse mortgage is a special type of home loan designed specifically for seniors that allows you to convert part of your home’s equity into cash — without having to sell your home or make monthly mortgage payments. Unlike traditional mortgages, the loan is repaid only when the homeowner sells the house, moves out permanently, or passes away.
How Does a Reverse Mortgage Work?
Eligibility: You must be at least 62 years old and own your home outright or have a significant amount of equity.
Loan Amount: The amount you can borrow depends on your age, the value of your home, and current interest rates.
Payment Options: Receive funds as a lump sum, monthly payments, a line of credit, or a combination—tailored to fit your financial goals.
No Monthly Payments: You don’t need to make monthly mortgage payments. The loan balance increases over time and is settled after you move or sell.
Home Ownership: You retain the title and continue living in your home as long as you meet loan obligations, such as paying property taxes and insurance.
Benefits of a Reverse Mortgage
Supplement Retirement Income: Gain access to funds to cover everyday living expenses without tapping into savings.
Stay in Your Home: Enjoy your home without the financial strain of monthly mortgage payments.
Flexible Use of Funds: Use the money for medical bills, home improvements, travel, or any other personal needs.
Non-Recourse Loan: You or your heirs will never owe more than the home’s value at the time of sale.
Tax-Free Funds: The money you receive is generally tax-free since it’s a loan, not income.
Why Choose Tony Fahim Mortgage for Your Reverse Mortgage?
Navigating the reverse mortgage process can be complex, but with Tony Fahim Mortgage, you have a trusted partner who will:
Provide clear, honest explanations of your options
Help you understand the terms, costs, and eligibility requirements
Guide you through the application and approval process efficiently
Ensure you make an informed decision that fits your financial future
Our expert team is dedicated to helping New Jersey seniors access this valuable financial tool with confidence and peace of mind.
Is a Reverse Mortgage Right for You?
A reverse mortgage is a powerful financial tool, but it’s not the right choice for everyone. We recommend a thorough consultation to assess your personal situation and goals. Contact Tony Fahim Mortgage today to schedule a no-obligation reverse mortgage consultation and explore whether this option aligns with your retirement plans.
Contact Us
Ready to learn more or start your reverse mortgage journey? Reach out to us at:
Tony Fahim Mortgage
📍 1599 Hamburg Turnpike, Wayne, NJ 07470
📞 (201) 779-3912
📧 tfahim@nexamortgage.com
