In-Retirement Loans
For many older adults in New Jersey, their home has become their largest retirement asset. However, they want to continue to live in their home, rather than sell, so accessing the equity may not seem straightforward.
Unlock the value of your home with an in-retirement loan and enjoy the extra cash without the concern of monthly payments. Whether you're looking to supplement retirement income, pay rising property taxes, or have the money available to cover unexpected expenses, an in-retirement loan gives you the financial freedom to live comfortably throughout your retirement years.
Amboy Bank set out to create a better reverse mortgage, and we succeeded with our suite of Home Equity Retirement Loans. With no or low origination costs, our Home Equity Retirement Loans allow you to access cash while making payments if and when you want. You will never owe more than your home is worth. Whether you have an immediate need or you're planning for the future, one of our loans can help.
For all Home Equity Retirement Loans, you must own your home and occupy it as your main residence, and all homeowners must be 62 or older.*
A great option for those with moderate borrowing needs. With no closing costs, it still has all the benefits of an in-retirement loan.
- Line of credit up to $50,000 or 33% of home value*
- No closing costs
- Easy, everyday access - Just write a check
- Pay back, if and when you want
How people use: Update bath or kitchen, pay taxes, pay off credit cards
Ideal for those with bigger borrowing needs, our Prime Line of Credit can provide immediate relief or be available for future needs.
- Line of credit up to 55% of home value
- Easy, everyday access - Just write a check
- Pay back, if and when you want
How people use: Pay off mortgage, set aside for taxes, in-home help
Sometimes managing your finances is easier when you know your monthly income. The HERIL converts your home's equity into ongoing income for as long as you live in the house.
- Receive regular monthly income for as long as you live in your home
- Have a small equity line available for emergency needs
- Loan up to 55% of home value*
Offers a fixed rate and the option to receive your funds in a lump sum.
- Fixed loan up to $50,000 or 33% of home value*
- The full amount is provided at closing
- Loan rate is fixed at the time of origination
- Pay back, if and when you want
About Amboy's Home Loans
Stay in the Home You Love
Our In-Retirement Loans allow you to access your home's equity while continuing to live in the home.
No Closing Costs and No Credit Score Requirements
With an Amboy In-Retirement Loan, you don't need to make monthly payments, and there are no credit score requirements to qualify.
We Keep and Service Your Loan
We don't sell our loans, which means if you have questions or concerns at any time during the life of your loan, you'll always know where to find us.
Personalized Advice from our Local Team of Home Loan Experts
When it comes to home financing, one size doesn't fit all. Our local, non-commissioned experts take the time to understand your unique goals and guide you every step of the way with honest advice and tailored solutions.
Terms & Disclosures* Dependent on age of youngest borrower, loan to value, income, and other factors. Home value is capped at $822,000.
** Fees or restrictions may apply depending on your account type and relationship. Please see our General Service Fees and Account Disclosures for complete information.