While reverse mortgages are not for everyone, they can provide much-needed income for older homeowners as well as cash money for families who are in debt and need money to pay bills and living expenses. A reverse mortgage can be extremely helpful, depending on your personal financial situation, age and the amount of time you think you will remain in the home.

Before you make any decisions or sign on the dotted line, talk to an experienced South Jersey real estate lawyer who can explain all aspects of this complicated type of loan. There are scam artists out there trying to defraud seniors through the reverse mortgage process. Don’t be a victim! Contact Cherry Hill, NJ real estate lawyer Joel R. Spivack Esq. He will explain the facts about reverse mortgages and help you determine if this type of loan is best for your family.


In order to qualify for a reverse mortgage a borrower has to meet certain minimum guidelines. You may be eligible for a reverse mortgage if:

  • You are 62 years old or older
  • You own the property and plan to live in it as your primary residence
  • You agree to participate in information counseling to be sure you understand the process
  • You are able to keep up with the taxes, insurance and any necessary repairs on the home

For more information about reverse mortgages or legal guidance in any area of real estate law in New Jersey, contact Cherry Hill lawyer Joel R. Spivack for a consultation. He represents clients in Clementon, Lindenwold, Bellmawr and throughout Camden County, NJ.


In a conventional mortgage, regardless of the interest rate or type of loan, a person borrows money and pays the lender back (bank, credit union, etc.) in monthly installments – principal and interest — over a set period of time. As time goes on, payments are made and the homeowner’s equity in the property, hopefully, increases. The objective, of course, is to have the real estate be worth more than you owe at some time in the future.

A reverse mortgage is also a home loan, however it works very differently than a traditional mortgage. There are at least two main benefits to reverse mortgages.

  1. The main benefit of taking out a reverse mortgage, especially for older people living on fixed incomes, is that the homeowner can take cash payments from the principal of the loan; the amount of money available to withdraw is based on the amount of equity in the home.
  2. Another benefit of a reverse mortgage is that the homeowner defers paying back the loan until they either move or pass away. If they decide to move, they will need to pay back the loan to complete the sale of the house. However, if they die, their heirs will have to either give up the real estate or refinance the loan.

The specific rules governing reverse mortgages may vary. That’s why it’s critical that anyone considering a reverse mortgage contact a knowledgeable real estate lawyer who can protect your interests. Joel R. Spivack has been representing clients in Collingswood, Gloucester Township and Bellmawr, and surrounding South Jersey towns, for more than 30 years. He is both resourceful and experienced and he will guide you through the process of applying for and making the most out of a reverse mortgage.


If you can get approved for a second mortgage or a line of credit based on the equity in your home, you will have to make monthly payments – both principal and interest – just as you would with any conventional mortgage loan.

However, a reverse mortgage works very differently. Instead of paying the loan back on a monthly basis, you can take out cash based on the amount of equity in the home. This process allows you to use the equity you’ve created in your property while you are still living in the home.

One thing to remember, however, is that a reverse mortgage borrower still must pay homeowner’s insurance, taxes and any utility payments on the property.

Contact Real Estate Attorney in Cherry Hill, NJ for More Information on Reverse Mortgages

Your home is your castle and, no wonder! You’ve invested a lot of time and money into the property. You’ve most likely raised your family there and it’s perfectly understandable if you don’t want to move. However, as we age, we still have significant financial obligations, despite the fact that many older Americans don’t have much income after retirement. For these Camden County, NJ, families, a reverse mortgage may be an excellent way to stay in your home and make ends meet.

If you have equity in your home, you owe it to yourself to learn more about reverse mortgages from a Cherry Hill real estate lawyer who will work tirelessly to provide sound legal counsel and protect your interests. Contact the Law Office of Joel R. Spivack today for a consultation, for a small fee,  about reverse mortgages or any other real estate law needs.

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Attorney Joel R. Spivack is an experienced bankruptcy and residential real estate transactions lawyer in Cherry Hill, New Jersey. Clients come to us for legal services, but what we really provide is peace of mind. For more than 30 years, Attorney Spivack has helped people make wise, informed decisions about bankruptcy filings, debt relief options and residential real estate transactions.
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