- Wells Fargo Refinancing For Existing Customers
- 2015 Government Mortgage Help targets FHA Programs
- How to Find Cheaper Closing Costs on your Mortgage
- Obama Extends the HARP Refinance Program for 2013
- IRS Supplies Guidance on Home loan Modifications
- Indiana State Mortgage Help for Those in Danger of Foreclosure
- Mortgage Assistance Available in Oregon
- Wisconsin Mortgage Assistance Programs
- How to Write the Mortgage Hardship Letter
- CHFA EMAP Program for Homeowners
The state of New Jersey has a system of loans created to help senior citizens access the equity in their home. In this way they improve their standard of living supplementing their pension while they have the health and strength to enjoy it. They are allowed to receive a loan without weekly or monthly repayments for as long as they live in the home, by using the property
as collateral. The property must be the owners´ principle residence for the life of the loan.
In this way they are able to benefit now from all the hard work they did while paying up the mortgage on their present home for many years. The amount loaned depends on the value of the property and the age of the borrower (from 62 years and over). Some worry that they will have nothing left to leave as an inheritance, however there is no obligation to borrow the full value of the home and any funds remaining after the loan is repaid will be returned to
the borrower or passed on to the heirs.
The borrower will receive equal monthly payments as long as the borrower occupies the home as a principal residence, for a fixed period of time agreed upon by the borrower until the line of credit is exhausted. For the borrowers´
information a meeting will be arranged as required by the U.S. Department of housing and Urban development before the loan is taken for the Home equity conversion mortgage program, detailing the different kinds of home equity conversion mortgages available, the appropriateness of a home conversion mortgage and the alternatives.
For details of the maximum loans according to property value and other conditions see HMFA approved lender list.
The state of New Jersey housing research center for senior citizens has been set up to make it so much easier to find or buy affordable or special needs housing . It’s kept up to date because when units are occupied they are removed from the list. All you have to do is describe what type of housing you need and the computer will inform you of all the units that meet your requirements in the state of New Jersey.
You could mention : How much you are able to pay or if you need handicap accessibility or not, In what area you would like to live, The number of beds or bathrooms or if you would like to live
near to public transport. It may be that you need services for people with special needs. When you enter this information into the system you will be informed of the housing that best fits your personal situation.
This service is completely free and has been available since 2005.
No comments yet.
Sorry, the comment form is closed at this time.