Mortgage Loan Program
University mortgages and the tenancy-in-common (co-ownership) program continue for those faculty members holding mortgages at the time of their retirement, so long as the mortgaged property remains the primary residence. After retirement, mortgage payments are made by direct payments rather than by salary deduction. Retired faculty members whose mortgage balance is at most 50% of the current market value of their houses may elect to pay only the interest on the mortgage, leaving the principal unchanged. New mortgages are not granted to retired faculty members.
This program is administered by the Real Estate Office. Contact the Real Estate office at (609) 258-3123 for information.