Gloucester County, NJ Mortgage and Real Estate Blog

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Mortgage and Lending - 1st Colonial Community Bank | Bank - New Jersey - NMLS# 149277 & 149276
Gloucester County, NJ Real Estate Blog: Discussing Mortgages, Real Estate, NJ First Time Home Buyer Mortgages, programs, grants, and down payment assistance, reverse mortgages,100% financing loans and more!

ARCHIVED BLOG POSTS

2009 

Purchasing a Home with a Reverse Mortgage. For the most part, the paperwork and the guidelines regarding this mortgage are the same as those regarding the most common reverse mortgage, the Home Equity Conversion Mortgage (HECM), which is an FHA loan.  The option to purchase a home with a reverse ...
01/28/2009
There are several main questions asked regarding the end of a reverse mortgage loan. These questions are; What happens if I owe more than my house is worth? How long will my reverse mortgage last? What will I owe when my mortgage is due? What happens if I have to leave my home? What happens when ...
01/25/2009
Is My Reverse Mortgage Taxable? Money received from a reverse mortgage is not taxable as additional income. Remember, this is a loan you are taking out. This is already your money, so to speak. A reverse mortgage does not affect regular social security income. A reverse mortgage also does not aff...
01/24/2009
Reverse Mortgage Counseling One of the wonderful things about reverse mortgages, is that everyone obtaining a reverse mortgage must go through counseling. Counseling is a time of education where you can ask as many questions as you like. You can also uncover some things that maybe you did not thi...
01/24/2009
In this installment on reverse mortgages we will discuss a few items; The expected costs of a reverse mortgage, If an appraisal is needed, and Who holds title to your home. Expected Costs of a Reverse Mortgage The costs of a reverse mortgage are very similar to that of a typical purchase or refin...
01/24/2009
Last time, we learned about who can qualify for a reverse mortgage (see Reverse Mortgages - Part 1).  This time we are going to discuss payment options and how much money someone can get with a reverse mortgage. ~ You will never have to make another mortgage payment ~ Payment Options When you fin...
01/21/2009
In a time when employment opportunities are  scarce, there might be some much welcomed hope for South Jersey and the Delaware Valley region. Paulsboro, a small town in Gloucester County, known mostly for its oil refineries, high school football and wrestling teams, is in the midst of creating a $...
01/20/2009
Sure, this is my professional blog. I know that. But when something gets you excited don't you just want to share it with everyone? Maybe President Bush should have had the David Crowder Band welcome him home since they are from the same state. Anyway, here's one of my favorites, and I just wante...
01/20/2009
There are many general questions that arise regarding reverse mortgages. Some questions have to do with the safety and prudence of a reverse mortgage. Other questions may be about your current income, or credit. Seniors and their families need help understanding if a reverse mortgage is the best ...
01/19/2009
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Career Day to me is something you see as a humor segment in TV shows or movies. So I was excited when I saw on my kitchen counter a paper from my daughter's school announcing Career Day and asking for volunteers. So what goes through my mind? The usual; Police Officer, scientist, or marine biolog...
01/17/2009
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Richard & Carol DeGrace

Mortgage Loan Officers NJ 609-209-3700
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