Reverse Mortgage Lender
How Georgia Reverse Mortgages Work
A Georgia Reverse Mortgage / Loan is a home loan which provides the homeowner with cash payments based on home equity. Throughout the course of the loan, the borrower retains the Georgia property title/ownership. Typically, repayment of the loan is made when the property is sold or upon the homeowner’s death.
Reverse Mortgage Requirements
- Age requirement: Georgia borrower must be 62 or older
- HUD-approved counseling
- Income: No requirements
- Assets: No requirements
- Georgia employment: No requirements
- Credit score: No requirements
- Health: No requirements
Georgia Reverse Mortgage FAQs
Can I lose my home with a Georgia Reverse Mortgage?
The Bank can only foreclose on your Georgia home if you do not 1) pay your homeowners insurance, GA real estate taxes, any HOA fees, 2) keep the home in good repair 3) keep the Georgia home as your primary residence. You never have to make a mortgage payment.
What happens if I already have a mortgage on my home in Gerogia?
First, your current mortgage and any other liens against the property in Georgia will be paid off. As long as you have enough equity to do this, a Reverse Mortgage would work for you.
Will this type of mortgage cause me to pass debt on to my heirs?
A Reverse Mortgage in Georgia is a non-recourse loan. There is mortgage insurance, which is a Federal requirement, which will pay off the difference from the value of your home to what you owe. No one comes out of a Reverse Mortgage owing more than the value of their home. If the value of the Georgia home is greater than what is owed, the heirs inherit the additional money after the loan is paid.
Are Georgia (GA) Reverse Loans high-risk?
A number of safeguards have been built into the program, including mandatory HUD-approved counseling in Georgia, payment guarantees, capped rates, advanced disclosures, a 3-day rescission period and a non-resource limit.
Apply for a Reverse Mortgage
Apply now or contact the Georgia Reverse Mortgage experts at Home Point Financial to learn more about reverse mortgages in Atlanta, Augusta, Columbus, Macon, Woodstock, and throughout Georgia.
