PARSIPPANY, N.J., Nov. 15, 2012 /PRNewswire/ -- American Financial Resources, Inc., a top mortgage lender based in Parsippany NJ, today announced that it is now offering a full range of reverse mortgage products in the state of New Jersey for clients who are 62 years old or older.
Reverse mortgages are specialty loans that allow homeowners aged 62 and older to access some of the equity in their homes. This mortgage product can enhance older homeowners' financial security, and make it possible for them to remain in their homes when they might not otherwise be able to afford to do so.
Reverse mortgage borrowers can choose from among several options when deciding how to receive the payments from the loan. These include a lump sum payment to the borrower, equal monthly payments for as long as one borrower continues to live in the home as his or her primary residence, equal monthly payments for a specified time period, or as a line of credit that can be accessed as needed as long as funds remain available.
AFR Mortgage's Senior Manager of Reverse Mortgages, Diane Masucci stated, "We recognize the growing financial needs of our clients who are 62 years and older and we are excited to introduce products to help them meet their financial needs."
AFR Mortgage is introducing a full line of reverse mortgage products, which can be customized to best fit the client's needs. AFR is offering reverse mortgage loans, lines of credit and monthly payment options for their clients. All products are very competitively priced and their highly-trained staff can help educate clients on all aspects of reverse mortgages.
These reverse mortgage products will expand an already diverse offering of home loan options available from AFR Mortgage. In addition to traditional forward FHA loans AFR Mortgage also originates VA Loans, Conventional Home Loans, HARP Refinance Mortgages, USDA Rural Housing Loans, Manufactured Home Loans, and 203K Rehabilitation Loans, among other programs.
AFR Mortgage is a leading National mortgage lender, consistently operating at a high volume across a variety of mortgage products.
SOURCE American Financial Resources, Inc.