Buying or refinancing
Whether you are buying a home nearer family or refinancing the one you have, your accounts can stand in for a paycheck, on their own or alongside a pension.
Asset-based loans in New Jersey
Ocean Township, Monmouth County
Ocean Township, NJ mortgages for later in life and second homes
For Ocean Township homeowners and buyers: reverse mortgages, loans that count your savings as income, borrowing against a home you own outright, and second homes. Fidelity Residential is a direct, licensed mortgage lender with a New Jersey office on Route 36 in West Long Branch.
- Direct, licensed mortgage lender
- NMLS #103098
- Equal Housing Lender
What would you like to do?
Pick the closest, or call and talk it through.
- Use my home’s value in retirement
- Count my savings as income
- Buy or borrow on a second home
- Call 732-686-9999
Fidelity Residential · NMLS #103098 · Equal Housing Lender
Ocean Township housing
Older owners, paid-off homes and seasonal homes
Ocean Township, in Monmouth County, has about 27,900 residents and about 11,900 homes, according to the Census Bureau’s American Community Survey estimates for 2020 to 2024.
About one resident in five is 65 or older, an estimated 21.7 percent, and an estimated 36.3 percent of households receive Social Security income.
Of about 6,900 owner-occupied homes, an estimated 38.3 percent have no mortgage at all.
Fidelity Residential is a direct mortgage lender licensed in New Jersey under a Residential Mortgage Lender License. Our local office is at 121 NJ-36, Suite 230, West Long Branch.
The mix of homes
- Owners: an estimated 62.7 percent of occupied homes are lived in by their owners
- Single houses: an estimated 62.5 percent of homes are single detached houses
- Larger buildings: about one home in five is in a building of ten or more units
- Seasonal homes: of about 900 homes counted as vacant, about 660 were held for seasonal, recreational or occasional use
Source: US Census Bureau, American Community Survey 5-year estimates, 2020 to 2024. Estimates, not counts.
Later in life
Your home’s value in retirement
A reverse mortgage lets homeowners of retirement age turn part of their home’s value into cash while they keep living in the home and keep the title. There are two kinds: a HECM, the FHA-insured reverse mortgage, and a proprietary reverse mortgage, a private program without FHA insurance.
No monthly mortgage payment is required. Instead, interest and other charges are added to the balance each month, so the balance grows and the equity left in the home shrinks. It is a loan, and it must be repaid, usually from the home when the last borrower dies, sells or moves out permanently.
What it can do. Pay off an existing mortgage, ending that monthly payment, or help buy your next home: part of the price from your own funds and the reverse mortgage for the rest, with no monthly mortgage payment afterwards once you move in.
What stays your responsibility. You must keep living in the home as your main residence, keep paying property taxes, homeowner’s insurance and any association dues, and keep the home in repair. If you do not, the loan can become due, and you could lose the home to foreclosure.
Counseling comes first. Before you apply, counseling with an independent counselor is required. See who can get a reverse mortgage, and read the cautions first.
It leaves less for your heirs. If you want to leave the home with no loan against it, a reverse mortgage works against that.
Own your home outright? A home equity line of credit can be in first position on a home you own outright, and a cash-out refinance can place a new mortgage on it. Either one turns some of your home’s equity into cash. See HELOCs and home equity loans in New Jersey.
Retired, or living on savings
When your savings tell a stronger story than your paycheck
An asset-based mortgage is an ordinary home loan where your verified savings, investments and retirement accounts can count in place of, or as well as, a paycheck.
Nothing pledged, nothing sold
The home is the collateral. Your bank, brokerage and retirement accounts stay yours, and you do not have to withdraw the money.
Underwritten as usual
Credit, housing payments, the appraisal and the property are checked, and balances are confirmed again shortly before closing.
Second homes
Buying a second home, or borrowing against one
Financing a second home
A conventional loan can buy a main home, a second home or a rental. Many bank statement programs allow a second home, and some asset-based programs do too.
Home purchase loansBorrowing against a second home
A HELOC or a home equity loan can be secured by a second home as well as by the home you live in.
HELOCs and home equity loans in New JerseyNot with an FHA loan
An FHA loan is for the home you live in. A home you will use only for part of the year cannot be financed with an FHA loan.
Questions
Questions from Ocean Township homeowners
Do you lend in Ocean Township?
Yes. Fidelity Residential is a dba of PFN Lending Group, Inc. (NMLS #103098), which holds a New Jersey Residential Mortgage Lender License. You can check the licence on NMLS Consumer Access (opens in a new tab).
Where is your office?
Our office is at 121 NJ-36, Suite 230, West Long Branch, NJ 07764. Call 732-686-9999 to talk with a licensed loan officer.
Do I make monthly payments on a reverse mortgage?
No monthly mortgage payment is required: interest and other charges are added to the balance, and the loan is repaid later, usually from the home. You must keep paying property taxes, homeowner’s insurance and any association dues, and keep the home in repair.
Can my spouse stay in the home if I die first?
A spouse who is not on the loan must take part in counseling. Under the FHA-insured program, an eligible spouse may be able to stay in the home after the borrower dies if conditions are met. Proprietary programs may not offer this, so ask before choosing.
Can my retirement accounts count as income?
Usually, yes, along with bank and brokerage accounts. Each program treats each kind of account in its own way, and some count only part of its value. You send the plan’s withdrawal terms with your statements.
Can I borrow against a second home?
Yes. A HELOC or a home equity loan can be secured by a second home as well as by the home you live in. A loan officer can tell you which programs fit the property.
Talk with a loan officer near you
Get a quote online, or call us and talk it through with a licensed loan officer.
What happens next
- Tell us about your loan. A few quick questions about the property and the loan you want. No credit check to start and no obligation.
- A licensed loan officer reviews your answers and follows up with you, usually within one business day.
- This is a request for a quote, not a loan application and not a commitment to lend.
This page is general information, not a commitment to lend. Programs, terms and eligibility depend on credit, income, property and underwriting review and are subject to change without notice.
Reviewed by Robert Shamie, CEO, NMLS #241428 · Last reviewed:
Fidelity Residential (PFN Lending Group, Inc., NMLS #103098) is a direct mortgage lender licensed in 40 states and the District of Columbia, with 26 years in business.