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Retirees aspiring toward greater financial freedom may benefit from a Georgia reverse mortgage. Also known as a home equity conversion mortgage (HECM), this financial product enables eligible homeowners to tap into a portion of their home equity and convert it into loan proceeds that can be used as disposable cash in retirement. A reverse mortgage in Georgia may help seniors by:
Provided that you meet reverse mortgage qualifications in Georgia, the loan proceeds secured through a HECM can allow you to remain at home while living The GoodLife in Retirement. You can read GoodLife’s reverse mortgage guide for a complete explanation of how the HECM program works.
The HECM program is federally insured through the Federal Housing Administration (FHA) and overseen by the U.S. Dept. of Housing and Urban Development (HUD). Agency-established reverse mortgage eligibility criteria states borrowers must:
If you’re uncertain whether you meet reverse mortgage requirements in Georgia, contact our experienced Reverse Mortgage Specialists for further assistance.
Use our reverse mortgage calculator to receive a free loan estimate.
If you’re looking for a Georgia reverse mortgage company, GoodLife is backed by years of experience and is committed to helping seniors achieve the retirement they deserve. We break our reverse mortgage application process down into four simple steps:
A GoodLife Reverse Mortgage Specialist learns about your unique financial circumstances and discusses whether a HECM may be a viable solution to help you reach your goals in retirement.
Borrowers meet with a counselor approved by HUD, who acts as an objective third-party when explaining how a reverse mortgage in Georgia applies to your personal situation.
During the application process, a certified appraiser will ensure the property meets FHA standards. They will also conduct an appraisal that helps determine the value of the loan; to estimate how much you may qualify to borrow, refer to our reverse mortgage calculator.
Once the loan application is approved, borrowers may elect to receive their proceeds dispersed as a lump sum, line of credit, or monthly installment.
If you have remaining questions about reverse mortgages in Georgia, refer to our reverse mortgage FAQ for additional answers.
The value of a reverse mortgage loan is determined by three factors: 1) the age of the youngest borrower; 2) the appraised property value; 3) current interest rates.
Interest rates may be fixed or variable. Your lender will use an index and margin to calculate the interest rate of the loan during the application process.
Borrowers have the option to submit monthly loan payments, but repayment is not required until the reverse mortgage reaches a maturity event triggering its Due and Payable status.