New Jersey real estate lawyer Christine Matus (https://matuslaw.com/reverse-mortgages-simplified/) of The Matus Law Group has recently published an insightful article titled “Reverse Mortgages Simplified.” The article aims to provide clear and concise information about reverse mortgages, a unique financial option available to homeowners aged 62 or older with considerable home equity.
According to the New Jersey real estate lawyer, reverse mortgages function differently from forward mortgages, which are used when purchasing a home. With a reverse mortgage, borrowers are not required to make loan payments until they either pass away or decide to sell their home and move. Christine Matus explains that “the money from the sale of your home is used to pay back the loan.”
The article provides valuable information on how funds from a reverse mortgage can be received, either as a lump sum, fixed monthly payments, or as a line of credit. It also addresses potential concerns, such as the possibility of the borrowed amount exceeding the value of the house. New Jersey real estate lawyer Christine Matus reassures readers that “the federal government strictly regulates the way reverse mortgages are structured to prevent this from happening.”
Matus highlights some critical aspects to consider when deciding whether a reverse mortgage is the right choice, including potential downsides like the need to sell the home if moving into a nursing home or other assisted living facility for more than a year. The article acknowledges that scams targeting seniors using reverse mortgages do exist, urging caution and due diligence.
Additionally, the article explores the possibility of refinancing a reverse mortgage in New Jersey. Christine Matus notes that refinancing can provide benefits such as improved terms, lower interest rates, or increased access to equity. Some circumstances that may warrant considering refinancing include significant drops in interest rates, the desire to add a spouse to the loan, or becoming eligible for a higher percentage of the home’s value due to age or other criteria.
To determine if a reverse mortgage or refinancing an existing reverse mortgage is the right choice, Matus recommends consulting a qualified New Jersey real estate lawyer. The Matus Law Group is experienced in providing guidance and advice tailored to each client’s unique circumstances. “Don’t hesitate to reach out and schedule a consultation with us today,” Matus encourages.
For those seeking a deeper understanding of reverse mortgages, Christine Matus’ article offers valuable insights and serves as a comprehensive resource. By shedding light on this often misunderstood financial option, the New Jersey real estate lawyer empowers homeowners to make informed decisions about their financial future.
About The Matus Law Group:
The Matus Law Group is a law firm based in New Jersey, dedicated to providing clients with top-notch legal representation in real estate, estate planning, and other related matters. With a team of experienced and knowledgeable attorneys, The Matus Law Group is committed to guiding clients through complex legal processes with compassion and understanding. To learn more, visit their website.
The Matus Law Group
Christine L Matus
125 Half Mile Rd #201A