In 2024, there were 694 active reverse mortgage loans in Bergen County, New Jersey. The average home value in Bergen County is $809,357.63.

Click here to get a reverse Mortgage Quote in Bergen County, New Jersey

To avoid scams, make sure you are working with a licensed lender in New Jersey. South River Mortgage is a fully licensed lender in New Jersey. The NJ state regulator requires mortgage lenders to be explicitly approved to make loans and hold a license. South River Mortgage proudly holds the Residential Mortgage Lender License Licensed by the New Jersey Department of Banking and Insurance in NJ, and our state license identifier is 1854525.  We also maintain active approval with HUD/FHA.

Reverse Mortgage Loans in Bergen County

Located in the state of New Jersey, Bergen County is a diverse and vibrant area known for its rich history, beautiful parks, and thriving communities. With a population of over 930,000 residents, Bergen County offers a mix of suburban charm and urban convenience. The county boasts a temperate climate, with warm summers and cold winters, making it an attractive place to live for those who enjoy experiencing all four seasons. Historically, Bergen County played a significant role in the American Revolutionary War, with several key battles taking place in the area. Today, the county is known for its excellent school systems, diverse dining options, and cultural attractions. The average home value in Bergen County is $809,357.63, with an average property tax of $12,336.58 and an average interest rate of 4.27%. For seniors looking to tap into their home equity, a reverse mortgage may be a viable option to supplement income in retirement. This financial tool allows homeowners aged 62 and older to convert part of their home’s equity into cash, providing added financial security and flexibility in their golden years.

Reverse Mortgage Loan Origination in Bergen County

Reverse Mortgage Home Values in Bergen County

Reverse Mortgage Interest Rates Bergen County

There are approximately 694 active reverse mortgage loans in Bergen County. The average interest rate in Bergen County is 7.81% for reverse mortgages. The average maximum claim amount (the lesser of the appraisal or lending limit), among reverse mortgage borrowers, in Bergen County was $625,677.97 in 2024.

Click here to get a Reverse Mortgage Quote in Bergen County, New Jersey »

Note that our loan origination data will not exactly match FHA’s HECM portfolio snapshot. This discrepancy occurs because FHA’s reports are limited to loans endorsed by FHA (i.e. HECMs only). We use a series of custom data criteria that make it possible to identify all reverse mortgages: HECMs, proprietary, and even single-purpose reverse mortgages.

Jumbo Reverse Mortgage in Bergen County, NJ

With the average home value of $625,677.97, you may be wondering about the opportunities for jumbo loans.

The FHA has increased the HECM lending limit to $1,209,750 for 2025. If your property is valued above the HECM lending limit, you may be eligible for additional proceeds through the HomeForLife jumbo reverse mortgage.

Reverse Mortgage Refinance (HECM to HECM) in Bergen County

It might make sense to refinance your reverse mortgage. There are many situations where refinancing could be very beneficial to you:

• You want to get more cash out because your home value has increased substantially
• You want to pay less in interest by obtaining a lower interest rate
• You want to add a loved one to the reverse mortgage

As a bonus, South River Mortgage can sometimes provide multiple benefits at once, depending on the situation. There have been cases where we can help secure a lower interest rate and additional cash. In some cases, we have been able to do all three benefits: lower rate, more cash, and adding a son or daughter onto the mortgage.

South River Mortgage can help you refinance your reverse mortgage. Get a quote today »

Reverse for Purchase (HECM for Purchase) in Bergen County

You can now purchase a home with a reverse mortgage in {county}, NJ. The reverse for purchase lets homebuyers purchase the home and get a reverse mortgage in a single transaction. The requirements for a reverse for purchase are very similar to the traditional reverse mortgage program.

Purchasing a home with a reverse mortgage has many benefits:

• No monthly mortgage payment (although you’d still be responsible for property taxes and homeowner’s insurance)
• The home being purchased would meet HUD’s property requirements or minimum property standards (this helps keep the home safe for occupants)

Learn what your down payment would be using our Reverse for Purchase calculator. Or, get pre-approved today »