Last Updated: February 1, 2025 | Expert Review by Jimmy Joseph MBA, Licensed Mortgage Advisor (NMLS #12345)
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Quick Answer: What is a Home Equity Agreement?
A home equity agreement (HEA) gives you cash today (10-20% of home value) in exchange for 25-50% of your home's future appreciation. While marketed as "not a loan," HEAs typically cost 2-3x more than HELOCs over 10 years. For a $750K home appreciating at 6%/year, an HEA costs $195K vs $139K for a HELOC—a $56K difference.
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2025 Updates: What's Changed in the HEA Market
January 2025 Market Conditions:
✅ Interest rates stabilizing: HELOC rates at 8.5-9.5% (down from 10%+ in 2023), making traditional financing more attractive
✅ New HEA regulations: CFPB issued guidance requiring clearer cost disclosures for HEAs effective Jan 2025
✅ Major lenders expanding HELOC programs: Bank of America, Chase, Wells Fargo increasing HELOC availability after 2023 pullback
❌ HEA companies raising fees: Point, Hometap increased origination fees from 3% to 4-5% in Q4 2024
Bottom line: With HELOC rates dropping and HEA costs rising, the gap has widened significantly in favor of traditional financing.
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Table of Contents
1. [What is a Home Equity Agreement?](#what-is-a-home-equity-agreement) 2. [How HEAs Work in 2025](#how-home-equity-agreements-work-in-northern-new-jersey) 3. [HEA Requirements](#home-equity-agreement-requirements) 4. [True Cost Analysis](#the-true-cost-of-home-equity-agreements-what-northern-nj-homeowners-need-to-know) 5. [HEA vs HELOC vs Refinance Comparison](#home-equity-agreement-vs-heloc-vs-cash-out-refinance-northern-nj-comparison) 6. [Better Alternatives](#better-alternatives-to-home-equity-agreements-for-nj-homeowners) 7. [When HEAs Make Sense](#when-a-home-equity-agreement-might-make-sense) 8. [How to Evaluate Offers](#how-to-evaluate-home-equity-agreement-offers) 9. [Market Context](#northern-nj-market-context-why-heas-are-particularly-expensive-here) 10. [FAQs](#faqs-home-equity-agreements-in-2025)
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Are you a homeowner sitting on significant home equity but hesitant to take on more debt? Home equity agreements (HEAs) have emerged as an alternative way to access your home's value without monthly payments. But before you sign, it's critical to understand how these agreements work—especially in 2025's changing market conditions.
This comprehensive guide breaks down everything homeowners need to know about home equity agreements, including real cost comparisons, hidden fees, and why traditional HELOCs or cash-out refinancing typically save you $50K-$150K over 10 years.
Serving Northern New Jersey homeowners in Bergen, Essex, Union, and Morris Counties with special considerations for high-value markets.
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What is a Home Equity Agreement?
A home equity agreement (HEA)—sometimes called a home equity investment or home equity sharing agreement—is a financial arrangement where an investor gives you a lump sum of cash today in exchange for a percentage of your home's future appreciation (or depreciation).
Here's how it works:
1. You receive cash: An HEA company pays you 10-20% of your home's current value in cash 2. No monthly payments: Unlike a loan, you don't make monthly interest payments 3. You share appreciation: When you sell or the agreement term ends (typically 10-30 years), you repay the original amount PLUS a percentage of any appreciation 4. A lien is placed: The investor records a lien on your property until repayment
Example: You have a $900,000 home in Ridgewood with $400,000 in equity. An HEA company offers you $90,000 cash (10% of home value) in exchange for 35% of future appreciation. If your home appreciates to $1,200,000 over 10 years, you owe: - Original amount: $90,000 - Share of appreciation: $105,000 (35% of $300,000 gain) - Total due: $195,000 for the $90,000 you received
That's an effective annual return of 11.7% for the investor—far higher than most home equity loans or HELOCs.
How Home Equity Agreements Work in Northern New Jersey
Northern NJ's high property values make it prime territory for HEA companies. Here's why:
Bergen County median home price: $750,000 Essex County median home price: $590,000-$750,000 (varies by town) Union County (Summit, Westfield): $800,000-$1.2M Morris County (Chatham, Madison): $650,000-$900,000
With homes valued this high, even 10-15% of your home's value represents significant cash: $75,000-$150,000 for most Northern NJ homeowners.
The HEA Process
1. Application: You apply with an HEA company (Point, Hometap, Unlock, etc.) 2. Home appraisal: The company orders an appraisal to determine current value 3. Offer: You receive an offer specifying: - Cash amount (typically 10-17% of home value) - Appreciation percentage (typically 25-50%) - Term length (typically 10-30 years) 4. Closing: The company records a lien on your property 5. You receive funds: Cash is wired to you (minus 3-5% in fees) 6. Repayment: You repay when you sell or at term end
Northern NJ Considerations
Property taxes: NJ has the highest property taxes in the nation (averaging 2.4% in Bergen County). This doesn't affect HEA terms directly, but it does mean: - You must continue paying these taxes throughout the agreement - High taxes reduce your monthly cash flow benefit vs. other states - Selling becomes more expensive if you need to exit the agreement
Appreciation potential: Northern NJ has seen strong appreciation: - Bergen County: 7.2% average annual appreciation (2019-2024) - Essex County: 11.67% in 2024 alone - This makes HEAs MORE expensive because you're sharing significant gains
Home Equity Agreement Requirements
To qualify for an HEA in New Jersey, you typically need:
✅ Credit score: 500-600+ (varies by company—much lower than HELOC requirements) ✅ Home equity: At least 20-25% equity in your home ✅ Owner-occupied: Must be your primary residence ✅ Property type: Single-family home, townhouse, or condo ✅ Location: Must be in HEA company's service area (most cover NJ) ✅ Income verification: Some companies require proof of ability to maintain the home ✅ No recent foreclosures: Typically need to be 2+ years past any foreclosure
Important: Many HEA companies have MINIMUM home values ($150,000-$250,000), making them ideal for Northern NJ's higher-priced markets.
The True Cost of Home Equity Agreements: What Northern NJ Homeowners Need to Know
HEA companies market their products as "not a loan" with "no monthly payments." While technically true, this framing obscures the real cost.
Hidden Costs and Fees
1. Origination Fees (3-5%) Most HEA companies charge 3-5% in upfront fees. On a $100,000 HEA, that's $3,000-$5,000 immediately deducted from your cash.
2. Appreciation Sharing (The Big One) You give up 25-50% of your home's appreciation. In Bergen County's appreciating market, this is extremely expensive:
Real example: $900,000 Ridgewood home, $90,000 HEA (10%), 35% appreciation share - 5-year appreciation at 6%/year: $900,000 → $1,204,000 = $304,000 gain - You owe: $90,000 + $106,400 (35% of gain) = $196,400 - Effective annual cost: 16.8%
Compare this to a HELOC at 8.5% APR where you'd pay ~$38,250 in interest over 5 years.
3. Exit Fees Some companies charge 2-3% if you pay off early or refinance.
4. Appraisal Fees At settlement, you'll pay for another appraisal (typically $500-$800 in NJ).
5. Title and Recording Fees Expect $1,000-$2,000 in closing costs.
When Home Values Decline
HEA companies claim this is a benefit: if your home loses value, you pay back less. But:
1. Northern NJ has historically been resilient (Bergen County hasn't had a down year since 2012) 2. You still owe the full original amount PLUS depreciation sharing works differently (some agreements have floors) 3. You've paid 3-5% in origination fees regardless
Home Equity Agreement vs HELOC vs Cash-Out Refinance: Northern NJ Comparison
Here's how HEAs stack up against traditional home equity options for a typical Bergen County homeowner:
Scenario: $900,000 home, $400,000 equity, need $90,000
| Feature | Home Equity Agreement | HELOC | Cash-Out Refinance | |---------|----------------------|-------|-------------------| | Cash received | $85,500 (after 5% fees) | $90,000 | $90,000 | | Monthly payment | $0 | ~$638 (8.5% APR, 10yr) | ~$5,200 (new mortgage at 6.5%) | | Total cost (10 years) | $150,000-$250,000* | $76,560 | Varies (refinanced full mortgage) | | Credit score needed | 500-600 | 680-700 | 620-680 | | Closing costs | $4,500-$7,500 | $0-$500 | $9,000-$13,500 | | Appreciation sharing | 25-50% | 0% | 0% | | Tax deductible? | No | Yes (if used for home improvements) | Yes (on mortgage interest) | | Affects credit? | No (not reported) | Yes (revolving credit) | Yes (new mortgage) | | Lien on property? | Yes | Yes | Yes (existing mortgage) | | Can refinance? | Difficult (must pay off HEA) | Yes | N/A | | Best for | Poor credit, no income | Good credit, need flexibility | Lower overall rate, debt consolidation |
*Assumes 6% annual appreciation in Bergen County
The Verdict for Northern NJ Homeowners
HEAs are most expensive in appreciating markets like Bergen, Essex, Union, and Morris counties. You're giving up the most valuable part of homeownership: appreciation.
HELOCs win for most homeowners with decent credit (680+) and stable income. Even at 8-9% APR, you'll pay far less than sharing 35-50% of appreciation.
Cash-out refinancing wins if you can get a rate lower than your current mortgage OR you're consolidating high-interest debt.
Better Alternatives to Home Equity Agreements for NJ Homeowners
1. Home Equity Line of Credit (HELOC)
How it works: A revolving credit line secured by your home equity (like a credit card). You borrow as needed, pay interest only on what you use.
Northern NJ rates: 8.5-10.5% APR (as of January 2025)
Pros for NJ homeowners: ✅ Keep 100% of your home's appreciation ✅ Tax-deductible if used for home improvements (huge benefit in high-tax NJ) ✅ Flexibility: borrow, repay, re-borrow as needed ✅ Lower total cost in appreciating markets ✅ Can pay off anytime without exit fees
Cons: ❌ Requires good credit (680+) ❌ Monthly payments required ❌ Variable rate (though many lenders offer fixed-rate options)
Best for: - Bergen County homeowners planning renovations - Homeowners with 700+ credit scores - Those who want flexibility and control - Anyone expecting home appreciation (most of NJ)
Where to get it: Local NJ credit unions, CMG Home Loans, major banks
2. Cash-Out Refinance
How it works: Replace your existing mortgage with a new, larger one; receive the difference in cash.
Example: You have a $500,000 mortgage on a $900,000 home. You refinance for $600,000 at current rates and receive $100,000 cash (minus closing costs).
Pros for NJ homeowners: ✅ Fixed rate for 15-30 years ✅ Potentially lower rate than current mortgage (if rates have dropped) ✅ Tax-deductible mortgage interest ✅ Predictable payments ✅ No appreciation sharing
Cons: ❌ Higher monthly payment (larger mortgage balance) ❌ $9,000-$13,500 closing costs in NJ ❌ Resets your mortgage term (unless you refi to same term) ❌ Requires good credit and income verification
Best for: - Consolidating high-interest debt - Large home improvement projects - Homeowners who can qualify for a lower rate than their current mortgage - Those who want payment predictability
3. Home Equity Loan (Traditional Second Mortgage)
How it works: A fixed-rate loan secured by your home equity, with a fixed repayment term (typically 10-20 years).
Northern NJ rates: 8.5-11% (as of January 2025)
Pros for NJ homeowners: ✅ Fixed rate and payment (easier budgeting) ✅ Tax-deductible if used for home improvements ✅ Keep 100% of appreciation ✅ Lower rates than personal loans
Cons: ❌ Fixed amount (can't re-borrow like a HELOC) ❌ Closing costs ($1,000-$3,000) ❌ Monthly payment required
Best for: - One-time expenses (college tuition, medical bills) - Homeowners who want payment certainty - Those who don't need ongoing access to funds
4. HomeStyle Renovation or 203(k) Loans (For Renovations)
How it works: FHA 203(k) or Fannie Mae HomeStyle loans allow you to finance both the home purchase AND renovations in a single mortgage.
Why NJ homeowners should consider: - Bergen County has many older homes (1920s-1960s) needing updates - Historic districts in Ridgewood, Montclair, Summit often require special financing - Single mortgage (easier than HELOC + first mortgage)
Pros: ✅ Lower rates than HELOCs or home equity loans ✅ Finance up to $75,000+ in renovations ✅ Predictable fixed payments ✅ Keep 100% of appreciation from improvements
Cons: ❌ Must be used for renovations (not cash in hand) ❌ Contractor requirements and inspections ❌ More paperwork than standard loans
Best for: - Homeowners buying a fixer-upper in Bergen/Essex/Morris counties - Renovating historic homes in premium markets - Major remodels ($30,000+)
When a Home Equity Agreement MIGHT Make Sense
Despite the high cost, HEAs can be appropriate in specific situations:
✅ Poor credit (under 600): If you can't qualify for a HELOC or home equity loan and have no other options ✅ Inconsistent income: Self-employed or gig workers who can't document income for traditional loans ✅ Short-term need: You expect a windfall (inheritance, business sale) within 1-2 years and can pay off the HEA quickly ✅ Declining market (rare in NJ): If you genuinely believe your home will lose value, sharing depreciation could make sense ✅ No debt tolerance: Some homeowners have psychological aversion to monthly debt payments
Important: Even in these scenarios, explore alternatives first. Personal loans, 0% APR credit cards (for smaller amounts), or family loans may be better options.
How to Evaluate Home Equity Agreement Offers
If you're still considering an HEA, here's how to protect yourself:
1. Calculate the True Cost
Use this formula to compare HEA vs HELOC:
HEA total cost = Original amount + (Appreciation % × Expected appreciation) + Fees
HELOC total cost = Principal + (Principal × APR × Years) + Fees
Example: $90,000 needed, Bergen County home expected to appreciate 6%/year over 10 years
HEA (35% appreciation share): - $90,000 + ($300,000 appreciation × 35%) + $4,500 fees = $199,500
HELOC (8.5% APR, 10-year payoff): - $90,000 + ($90,000 × 8.5% × 10 years) + $500 fees = $167,000
HELOC saves $32,500 in this scenario.
2. Read the Fine Print
Watch for: - Minimum appreciation share: Some agreements have floors (you pay at least X% even if home doesn't appreciate) - Early exit fees: 2-5% penalties for paying off early - Appraisal disputes: Who chooses the appraiser at settlement? (Conflict of interest if HEA company chooses) - Maintenance requirements: You may be required to maintain the home to company standards - Refinancing restrictions: Some agreements prohibit refinancing without paying off the HEA
3. Get Multiple Offers
Major HEA companies operating in New Jersey: - Point (formerly Point Digital Finance) - Hometap - Unlock - Unison
Get offers from at least 2-3 companies and compare: - Cash amount vs appreciation share - Fees and closing costs - Term length and flexibility - Early exit terms
4. Consult a Financial Advisor
Given the complexity and long-term implications, consult a fee-only financial advisor or mortgage professional who understands Northern NJ's market dynamics. A good advisor will model multiple scenarios based on: - Expected appreciation (6-8% in Bergen/Essex/Union counties) - Your timeline (how long before selling?) - Alternative financing options - Tax implications
Northern NJ Market Context: Why HEAs Are Particularly Expensive Here
Strong Historical Appreciation
Bergen County home values (2015-2024): - 2015: $450,000 median - 2020: $587,000 median - 2024: $750,000 median - 10-year CAGR: 5.9%
Essex County (premium towns): - Millburn/Short Hills: 7.1% annual appreciation - Montclair: 8.2% annual appreciation - 2024 alone: 11.67% county-wide
Union County (Summit, Westfield): - Summit: $800,000 → $1.1M (2019-2024) = 6.6%/year - Westfield: $710,000 → $950,000 (2019-2024) = 6.0%/year
Translation: When you share 35-50% of appreciation in these markets, you're giving away real wealth.
NYC Commuter Premium
Northern NJ's proximity to NYC creates consistent demand: - Midtown Direct access from Summit, Chatham, Madison, Morristown - 30-35 minute commutes from Ridgewood, Montclair, Westfield - Remote work hasn't killed commuter premium (hybrid schedules = continued demand)
This structural advantage means appreciation is likely to continue, making HEAs costlier than in non-metro markets.
High Property Taxes Mean Cash Flow Matters
With property taxes averaging: - Bergen County: $18,000-$25,000/year - Essex County: $15,000-$30,000/year (varies widely) - Union County: $16,000-$28,000/year - Morris County: $14,000-$22,000/year
Many homeowners choose HEAs to avoid monthly payments. But remember: you're still paying property taxes, insurance, and maintenance. The "no monthly payment" benefit is overstated when your property tax bill is $2,000+/month.
School District Premium Drives Appreciation
Northern NJ's top school districts create pricing floors: - Millburn (#1 in NJ): Homes rarely depreciate - Ridgewood (top 5): 7%+ annual appreciation - Summit, Chatham, Madison: Education-driven demand
HEA companies know this. They're betting on continued appreciation—and they're probably right.
FAQs: Home Equity Agreements in 2025
Is a home equity agreement a loan?
No. An HEA is not a loan because you're not borrowing money that must be repaid with interest. Instead, you're selling a percentage of your home's future value to an investor. This means: - No monthly payments required - Not reported to credit bureaus - No tax-deductible interest (because there is no interest)
However, you are obligated to repay the original amount PLUS appreciation sharing at a future date, so it functions like a very expensive, deferred-payment loan.
Can I get a home equity agreement with bad credit?
Yes, this is one of the few advantages. Most HEA companies accept credit scores as low as 500-600, whereas HELOCs typically require 680-700+ and cash-out refinancing requires 620-680.
However, if your credit is poor due to temporary circumstances (job loss, medical emergency), work on rebuilding credit first. In 6-12 months, you may qualify for a HELOC that will cost far less.
How much equity do I need for a home equity agreement in New Jersey?
Typically 20-25% equity minimum. For a $900,000 Bergen County home, you'd need at least $180,000-$225,000 in equity to qualify.
Are home equity agreements taxable?
The initial cash you receive is generally not taxable (it's not considered income). However: - You may owe capital gains tax on the appreciation portion when you settle - Consult a CPA familiar with NJ tax law, as this is a complex area
Unlike HELOC or home equity loan interest, HEA costs are NOT tax-deductible.
Can I refinance my mortgage if I have a home equity agreement?
It's possible but complicated. The HEA company has a lien on your property, so you'll need their permission. Many HEA agreements require you to pay off the agreement if you refinance, which defeats the purpose of refinancing for better rates.
What happens if I can't pay back the home equity agreement?
If you reach the end of the term (typically 10-30 years) and can't pay: - You may be forced to sell the home - The HEA company may foreclose (though this is rare) - You might negotiate an extension (at additional cost)
This is why financial planning is critical before signing.
Do home equity agreement companies operate in all of Northern NJ?
Most major companies (Point, Hometap, Unlock, Unison) operate throughout Bergen, Essex, Union, and Morris counties. However, some may have minimum home value requirements ($200,000-$300,000) that exclude a few lower-priced towns.
How long does it take to get money from a home equity agreement?
Typically 30-45 days from application to funding: - Week 1-2: Application, appraisal ordered - Week 2-3: Appraisal completed, offer made - Week 3-4: Agreement drafted, title work completed - Week 4-6: Closing, lien recorded, funds disbursed
This is comparable to HELOC timelines.
What is a home equity agreement vs HELOC?
HEA: No monthly payments, but you share 25-50% of appreciation. Costs $195K for $75K borrowed over 10 years (6% appreciation).
HELOC: Monthly interest payments at 8.5% APR. Costs $139K for $75K borrowed over 10 years.
Savings with HELOC: $56K over 10 years for same cash amount.
Is a home equity agreement a good idea?
For most homeowners, no. HEAs make sense only if: - You have very poor credit (under 600) and can't qualify for HELOC - You're 100% certain your home won't appreciate (rare) - You need to avoid foreclosure temporarily
In 95% of cases, HELOCs, home equity loans, or cash-out refinancing cost less.
What are the major home equity agreement companies?
Top HEA companies in 2025: - Point (formerly Point Deeds): 4-5% origination fee, 15-35% appreciation share - Hometap: 3.5-4.5% fee, 25-50% appreciation share - Unlock: 3-4% fee, 20-40% appreciation share - Unison: 3-5% fee, 30-50% appreciation share
Always get quotes from 3+ companies and compare with HELOC offers.
Can you get a home equity agreement on a rental property?
No. HEAs are only available for owner-occupied primary residences. If you need cash from a rental property, consider: - Cash-out refinance (rental property loans available) - Home equity loan on your primary residence - DSCR (Debt Service Coverage Ratio) loan
How much does a home equity agreement cost?
Upfront costs: - Origination fee: 3-5% ($3,000-$5,000 on $100K) - Appraisal: $400-$600 - Title/recording: $500-$1,500 - Attorney review: $500-$1,000 (recommended)
Long-term cost (10 years, 6% appreciation): - $75K borrowed = $195K total cost - Effective annual rate: 11.7% - This is 2-3x more expensive than a HELOC
What credit score do you need for a home equity agreement?
HEA minimum: 500-600 credit score
HELOC minimum: 680-700 credit score
Recommendation: If your credit is 620+, spend 3-6 months improving it to 680 and qualify for a HELOC instead. The savings ($50K-$150K over 10 years) far exceed the wait time.
Can I sell my house if I have a home equity agreement?
Yes, but you must pay off the HEA when you sell. The calculation: 1. Home sells for $1.2M 2. Original purchase: $900K 3. Appreciation: $300K 4. You received: $90K cash initially 5. You owe: $90K + (35% × $300K) = $90K + $105K = $195K
This $195K comes out of your proceeds at closing, significantly reducing your net proceeds.
The Bottom Line: Should Homeowners Consider Home Equity Agreements in 2025?
For the vast majority of Bergen, Essex, Union, and Morris County homeowners, HELOCs or cash-out refinancing are better options than home equity agreements.
Choose a HELOC if: ✅ You have 680+ credit ✅ You have stable income ✅ You expect your home to appreciate (likely in NJ) ✅ You want tax-deductible interest ✅ You value flexibility
Choose cash-out refinancing if: ✅ Current rates are lower than your existing mortgage ✅ You're consolidating high-interest debt ✅ You want a fixed payment for 15-30 years ✅ You have good credit (680+) and income
Consider an HEA only if: ✅ Your credit is poor (under 600) and you've exhausted other options ✅ You have very inconsistent income and can't qualify for traditional financing ✅ You have a short-term need and expect a windfall soon ✅ You've consulted a financial advisor who's modeled the costs
Never sign an HEA without: ❌ Comparing offers from multiple companies ❌ Calculating the total cost assuming realistic appreciation ❌ Exploring HELOC, home equity loan, and refinancing options ❌ Reading the entire agreement (especially exit terms and appraisal clauses) ❌ Consulting a financial advisor or real estate attorney
Get Expert Guidance on Home Equity Options in Northern NJ
Accessing your home's equity is a major financial decision. Whether you're considering an HEA, HELOC, or cash-out refinance, it's essential to understand: - Total costs over your expected timeline - How appreciation sharing impacts your wealth - Tax implications of different options - How Northern NJ's unique market affects your choice
Our team has helped hundreds of Bergen, Essex, Union, and Morris County homeowners navigate these decisions with clarity and confidence.
We offer free, no-obligation consultations where we: ✅ Review your current home value and equity position ✅ Model HEA costs vs HELOC/refinance alternatives ✅ Explain tax implications specific to New Jersey ✅ Provide pre-approval for HELOC or cash-out refinancing (if applicable) ✅ Answer all your questions with zero pressure
Call (908) 698-0150 or [schedule a consultation online](https://www.cmghomeloans.com/mysite/jimmy-joseph) to discuss your home equity options.
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Serving Northern New Jersey: Ridgewood, Franklin Lakes, Saddle River, Alpine, Montclair, Short Hills, Millburn, Summit, Westfield, Cranford, Chatham, Madison, Morristown, and all Bergen, Essex, Union, and Morris County communities.
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About the Author
Jimmy Joseph MBA is a licensed mortgage advisor with 15+ years of experience helping Northern New Jersey families navigate complex home financing decisions. Specializing in Bergen, Essex, Union, and Morris Counties, Jimmy has guided over 500 families through HELOCs, refinancing, and home equity decisions.
Credentials: - MBA in Finance - NMLS Licensed Mortgage Loan Originator - Certified Home Equity Specialist - Member, National Association of Mortgage Professionals
Local Expertise: Born and raised in Northern NJ, Jimmy understands the unique challenges of our market—from navigating the nation's highest property taxes to leveraging strong appreciation trends. He's helped clients save over $15 million in interest costs through strategic financing decisions.
📞 Call (908) 698-0150 for a free consultation 🌐 [Schedule Online](https://www.cmghomeloans.com/mysite/jimmy-joseph)
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NMLS Disclaimer: This article is for educational purposes only and does not constitute financial advice. Home equity products carry risk, including foreclosure if you default. Consult a licensed financial advisor before making decisions. All loan programs subject to credit approval and property appraisal. Rates and terms current as of January 2025 and subject to change.