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| OceanFirst Bank, founded in 1902, is a federally chartered stock savings bank with more than $2.0 billion in assets and twenty branches. Our community banking focus is predicated on superior personalized service and competitive rates on a full range of deposit and loan products. Our bank is committed to meeting customer needs with a team approach to service that provides one stop decision making and fast responses to the needs of our customers. OceanFirst Bank is a leading provider of reverse mortgages and is authorized by the US Department Of Housing and Urban Development to offer reverse mortgages that are guaranteed by the Federal Housing Administration. In addition OceanFirst Bank is an approved reverse mortgage servicer. This means that your loan doesn't have to be sold to another lender after you close. About the Federal Housing Administration: Congress created the Federal Housing Administration (FHA) in 1934. The FHA became a part of the Department of Housing and Urban Development's (HUD) Office of Housing in 1965. When the FHA was created, the housing industry was flat on its back: Two million construction workers had lost their jobs. Terms were difficult to meet for home buyers seeking mortgages. Mortgage loan terms were limited to 50 percent of the property's market value, with a repayment schedule spread over three to five years and ending with a balloon payment. America was primarily a nation of renters. Only four in 10 households owned homes. During the 1940s, FHA programs helped finance military housing and homes for returning veterans and their families after the war. In the 1950s, 1960s and 1970s, the FHA helped to spark the production of millions of units of privately-owned apartments for elderly, handicapped and lower income Americans. When soaring inflation and energy costs threatened the survival of thousands of private apartment buildings in the 1970s, FHA's emergency financing kept cash-strapped properties afloat. The FHA moved in to steady falling home prices and made it possible for potential homebuyers to get the financing they needed when recession prompted private mortgage insurers to pull out of oil producing states in the 1980s. By 2001, the nation's homeownership rate had soared to an all time high of 68.1 percent as of the third quarter that year. The FHA and HUD have insured over 34 million home mortgages and 47,205 multifamily project mortgages since 1934. FHA currently has 4.8 million insured single family mortgages and 13,000 insured multifamily projects in its portfolio. In the more than 70 years since the FHA was created, much has changed and Americans are now arguably the best housed people in the world. HUD has helped greatly with that success. |
What is a reverse mortgage?
A reverse mortgage is a special type of home loan that lets you as a homeowner convert a portion of the equity your home into cash. The equity built up
over years of home mortgage payments can be paid to you. But unlike a traditional home equity loan or second mortgage, no repayment is required until
you and any other borrower(s) no longer use the home as your principal residence. HUD's reverse mortgage provides these benefits, and it is
federally-insured as well.
Can I qualify for a HUD reverse mortgage?
To be eligible for a HUD reverse mortgage, HUD's Federal Housing Administration (FHA) requires that the borrower is a homeowner, 62 years of age or
older; own your home outright, or you are willing to pay off any liens at the closing with proceeds from the reverse loan; and you must live in the home. You
are further required to receive consumer information from HUD-approved counseling sources prior to obtaining the loan. You can call 1-800-400-4134 to
obtain the name and telephone number of a HUD-approved counseling agency.
For more Reverse Mortgage Information click here The Top_10_Things_You_Should_Know About A Reverse Mortgage
A reverse mortgage is a special type of home loan that lets you as a homeowner convert a portion of the equity your home into cash. The equity built up
over years of home mortgage payments can be paid to you. But unlike a traditional home equity loan or second mortgage, no repayment is required until
you and any other borrower(s) no longer use the home as your principal residence. HUD's reverse mortgage provides these benefits, and it is
federally-insured as well.
Can I qualify for a HUD reverse mortgage?
To be eligible for a HUD reverse mortgage, HUD's Federal Housing Administration (FHA) requires that the borrower is a homeowner, 62 years of age or
older; own your home outright, or you are willing to pay off any liens at the closing with proceeds from the reverse loan; and you must live in the home. You
are further required to receive consumer information from HUD-approved counseling sources prior to obtaining the loan. You can call 1-800-400-4134 to
obtain the name and telephone number of a HUD-approved counseling agency.
For more Reverse Mortgage Information click here The Top_10_Things_You_Should_Know About A Reverse Mortgage
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In home visits and loan closings are available within
the following counties:
In New York:
Nassau & Suffolk Counties on Long Island, Bronx
County Queens County Kings County Staten Island
Manhattan, New York City, Dutchess County, Orange
County, Putnam County, Rockland County, Sullivan
County, Ulster County, Westchester County
In New Jersey:
Atlantic County, Bergen County, Burlington County,
Camden County, Cape May County, Cumberland
County, Essex County, Gloucester County, Hudson
County, Hunterdon County, Mercer County,
Middlesex County, Monmouth County, Morris County,
Ocean County, Passaic County, Salem County,
Somerset County, Sussex County, Union County, &
Warren County
In Pennsylvania:
Berks County, Bucks County, Chester County,
Delaware County, Lancaster County, Lehigh County,
Northampton County, Montgomery County and
Philadelphia County
the following counties:
In New York:
Nassau & Suffolk Counties on Long Island, Bronx
County Queens County Kings County Staten Island
Manhattan, New York City, Dutchess County, Orange
County, Putnam County, Rockland County, Sullivan
County, Ulster County, Westchester County
In New Jersey:
Atlantic County, Bergen County, Burlington County,
Camden County, Cape May County, Cumberland
County, Essex County, Gloucester County, Hudson
County, Hunterdon County, Mercer County,
Middlesex County, Monmouth County, Morris County,
Ocean County, Passaic County, Salem County,
Somerset County, Sussex County, Union County, &
Warren County
In Pennsylvania:
Berks County, Bucks County, Chester County,
Delaware County, Lancaster County, Lehigh County,
Northampton County, Montgomery County and
Philadelphia County
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Reverse Mortgage Loans
Insured by
the Federal Housing Administration
Insured by
the Federal Housing Administration
