Reverse Mortgages

NJ Lenders Corp.

LendGen is a leading Reverse Mortgage lender. All of our loan officers are trained on the latest trends

LendGen is a Reverse Mortgage industry leader. Our loan officers are familiar with all relevant guidelines and updates on this important loan category. When obtaining a reverse mortgage, choosing an experienced and established mortgage company is critical for a successful transaction.

What is a Reverse Mortgage?

A Reverse Mortgage is the opposite, or "reverse" of a conventional mortgage. There are no monthly payments required.  Instead, a reverse mortgage is a loan that can result in a payment to you each month. The loan balance is only repaid when the home is sold or you no longer occupy it as a primary residence. You continue to retain ownership and title to the home with a reverse mortgage.

Benefits of a Reverse Mortgage

  • Adults over the age of 62 are able to stay in their home while collecting a payment each month to cover normal living expenses. 
  • Reverse mortgage loans are typically government-insured, allowing loan limits to be approved based on a maximum home value.
  • Allows you to turn your home equity into income.

Reverse Mortgage Features

  • No monthly payment. Borrowers receive a payment amount each month upon approval. 
  • Title and ownership of the home are retained.
  • All proceeds are not subject to personal income taxation. 
  • Income and credit considered when qualifying.

Reverse Mortgage Eligibility

  • You must be at least 62 years of age
  • You must occupy the home as a primary residence
  • The home must be a single-family or a two-to-four unit dwelling
  • Most townhomes, planned unit developments (PUDs), detached homes, FHA approved condominiums and some manufactured homes are eligible