Reverse Mortgages

A reverse mortgage provides home-owners access to the equity in their home as a source of income while maintaining ownership of – and residency in – the home.

The National Council on Aging has produced a helpful guide: Using your home to stay at home, available at http://www.ncoa.org/news-ncoa-publications/publications/ncoa_reverse_mortgage_booklet_073109.pdf

NJ HOUSING & MORTGAGE FINANCE AGENCY

• For homeowners age 62 and over
• (609) 278-7400 or 800 654-6873
• Web site:www.state.nj.us/dca/hmfa/consu/owners/revers/

HOME EQUITY CONVERSION MORTGAGE (HECM)

• Sponsored by the US Department of Housing & Urban Development
• (202) 708-1112
• Web site: www.hud.gov/offices/hsg/sfh/hecm/hecmhome.cfm

MORGAGELOAN.COM

• Article on precautions that seniors should take when it comes to owning a home, downsizing, paying a mortgage, taking out a reverse mortgage, and selling property
• Web site: http://www.mortgageloan.com/seniors/

You can also explore a reverse mortgage with most bank and mortgage companies.

The Princeton Senior Resource Center does not endorse any of the resources listed on these pages. We collect and provide information from many sources as a service to those seeking services in the Princeton area. No listed provider pays to be in our directory.