In 2024, there were 321 active reverse mortgage loans in Gloucester County, New Jersey. The average home value in Gloucester County is $373,179.67.

Click here to get a reverse Mortgage Quote in Gloucester 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 Gloucester County

Gloucester County, located in New Jersey, is known for its rich history, charming small towns, and beautiful natural landscapes. With a population of over 287,400 residents, the county enjoys a diverse community and a moderate climate with all four seasons. Gloucester County has played a significant role in American history, being the site of important Revolutionary War events. The average home value in Gloucester County is $373,179.67, with an average property tax of $7,176.94 and an average interest rate of 4.2%. For seniors looking to tap into their home equity, reverse mortgages can be a valuable financial tool. With a reverse mortgage, homeowners aged 62 and older can convert a portion of their home’s equity into cash, providing additional income or funds for unexpected expenses. This can be especially beneficial for seniors looking to supplement their retirement income or cover healthcare costs.

Reverse Mortgage Loan Origination in Gloucester County

Reverse Mortgage Home Values in Gloucester County

Reverse Mortgage Interest Rates Gloucester County

There are approximately 321 active reverse mortgage loans in Gloucester County. The average interest rate in Gloucester County is 7.42% for reverse mortgages. The average maximum claim amount (the lesser of the appraisal or lending limit), among reverse mortgage borrowers, in Gloucester County was $321,666.67 in 2024.

Click here to get a Reverse Mortgage Quote in Gloucester 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 Gloucester County, NJ

With the average home value of $321,666.67, 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 Gloucester 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 Gloucester 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 »