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When approaching retirement many homeowners find that much of their net worth is tied-up in their home's equity. You have worked hard for many years, paid or nearly paid off your mortgage but at the same time you may not have enough income for expenses during retirement. A Reverse Mortgage from OceanFirst Bank may be the answer.

If you are 62 or older, a reverse mortgage will allow you to turn the value of your home into cash. The amount of money available to you depends on your age and the value of your home. There are no restrictions on how the available money is used. Reverse Mortgages have historically been associated with use for long term health care but the possibilities stretch far beyond that. Reverse Mortgages typically feature:

No Income or credit qualifications
No monthly repayments
Payment options, such as a lump-sum payment, a line of credit with advances available as necessary, or a monthly payment plan.
No state or federal taxes due on payments

Over the years there have been many misconceptions about Reverse Mortgages, the most inaccurate of which is that the lending institution will retake possession of your home. You can retain ownership of your home and no payment is ever required as long as you maintain the home as your primary residence. When getting a mortgage it is important to know and trust your financial lenders and advisors. At OceanFirst Bank, we believe the process is as important as the end result. We thoroughly assess your current and future financial needs and outline a Reverse Mortgage that will give you the most effective and secure plan for your needs.

While reverse mortgages offer a worthwhile financial plan for many, they may not for everyone. To learn more about how a reverse mortgage works or to receive a free no obligation personal reverse mortgage outline, please call James Mazzola, Account Executive at 888-623-2633 Ext. 7286 or e-mail me.