It's helpful to work with reverse mortgage licensed specialists in the area because they understand the real estate environment in your state. Please fill out the form on this page to have a reverse mortgage specialist contact you. And of course, if you have any questions about applying for a reverse mortgage in Georgia, don't hesitate to contact one of our specialists at any time.Like countless seniors throughout the nation, Georgia seniors have been experiencing the sting of the latest economic events. What's most exasperating is that, as many seniors struggle to make their monthly bills, they are sitting on a sizeable investment - their home's equity. Medical bills, home renovation, and mortgage payments can get expensive, but whether or not you're retired, at the age of 62 or older you could access the equity in your home through a reverse mortgage.
When Does a Reverse Mortgage Become Due?No mortgage payments and extra money sound great, but how do you repay a reverse mortgage? Georgia borrowers do not make loan payments to their reverse mortgage until they either sell the home, move away, or pass away.* When one of these situations is met, the loan balance and collected interest become due. Fortunately, a reverse mortgage is what is known as a nonrecourse loan, which means you never owe more than the appraised value of the home. If the loan comes due because the last homeowner passed away, the borrowers' heirs could either sell the home to pay off the mortgage, or refinance for the amount owed, which includes accumulated interest. As the borrower, you maintain ownership of your home, and must pay all property taxes and insurance fees. You're also required to keep the home well-maintained. As for the money freed up by accessing your equity, it can be put to any use you see fit.
Georgia Reverse Mortgage SpecialistsGeorgia residents just like you are rediscovering the feeling of financial security and capitalizing on the value of their biggest and wisest investment, their home. One Reverse Mortgage works with various reverse mortgage licensed specialists in Georgia. Please fill out the form on this page to have a reverse mortgage specialist contact you.
*Homeowner must still maintain the property and pay homeowners insurance and property taxes to avoid foreclosure.