New Jersey Reverse Mortgage Information and Facts

1. Census Data Relevant to the New Jersey Reverse Mortgage Market. It is helpful to understand the demographic make-up of New Jersey's reverse mortgage eligible population. The following information comes from the US Census Bureau's 2005 American Community Survey.

The Census Bureau projects the senior citizen population in New Jersey will change as follows in the years ahead:

2. New Jersey's Home Value Growth. Home price increases are an important factor in the reverse mortgage decision. The information below comes from the quarterly Housing Price Index (HPI) published by the Office of Federal Housing Enterprise Oversight (OFHEO). These figures indicate the average percentage gain in value for homes in New Jersey for the most recent 1-year and 5-year periods and, also, how the HPI rankings for New Jersey compare to other states. Clearly, senior homeowners in areas with strong home price appreciation and substantial accumulated home equity are more apt to consider a reverse mortgage as a supplemental source of retirement income. Figures are updated quarterly (most recent update made 2/28/08 reporting 4th Quarter 2007 results).

3. Section HECM Loan Limits for New Jersey. The federally-insured Home Equity Conversion Mortgage (HECM) program has limits on the size of loan that can be insured. These are known as "203b limits" and are set by HUD for each county in each state. Click on the link below for a list of current 203b Limits for each New Jersey county.

County	HECM Limit	Last Revised
WARREN	305,666	20070101
ATLANTIC	344,850	20080101
CAMDEN	292,685	20070101
MIDDLESEX	362,790	20060101
SALEM	292,685	20070101
MONMOUTH	362,790	20060101
GLOUCESTER	292,685	20070101
OCEAN	362,790	20060101
MORRIS	362,790	20060101
UNION	362,790	20060101
HUNTERDON	362,790	20060101
BURLINGTON	292,685	20070101
CAPE MAY	362,790	20060101
CUMBERLAND	307,800	20060101
MERCER	334,058	20060101
SUSSEX	362,790	20060101
SOMERSET	362,790	20060101
ESSEX	362,790	20060101
PASSAIC	362,790	20060101
HUDSON	362,790	20060101
BERGEN	362,790	20060101

4. Reverse Mortgage Loan Activity in New Jersey. Since September 2001, a total of 12,530 HECM reverse mortgages have been endorsed by HUD Offices located in New Jersey. New Jersey reverse mortgage endorsements represent 3.5% of the total 361,591 reverse mortgages originated throughout the United States during this timespan.

Over the past few years, the volume of reverse mortgage originations has grown in New Jersey as well as the rest of the country. Following are HECM reverse mortgage statisitics for the period from September 2001 up to the current month (Jul-2008). The first chart shows the distribution of HECM loan originations by New Jersey HUD Office region and the second chart shows year-to-year HECM loan growth. Further information on HECM loan activity can be found using the HECM Data Tool.

5. New Jersey Reverse Mortgage Lenders. So, who are New Jersey's top reverse mortgage lenders? The following table shows New Jersey's top 25 originators of HUD HECM loans thus far for calendar year 2008:

The table below provides a longer term view of New Jersey's top 25 lenders looking at the period from September 2001 up to the current month (Jul-2008). For a complete listing of New Jersey reverse mortgage lenders, use this New Jersey reverse mortgage lender directory.

ATTENTION REVERSE MORTGAGE LENDERS - if you are listed above as one of New Jersey's top reverse mortgage lenders, you should consider turning your listing into a clickable hyperlink that will take visitors directly to your company's website. Your "live" link will appear for every state that you rank in the top 25 lenders. Reverse-Mortgage-Information.org is one of the leading sites on the web for seniors seeking independent information about reverse mortgages. For more information, contact us .