What You Need to Know to Survive Your Golden Years in Georgia

Georgia seniors: do you own your own home and wish you could generate a little extra income each month? Or do you have necessary home repairs for which you have no income?

Find out what types of lenders offer reverse mortgages and if any low-cost public loans are available for financial relief.

FHA Loan Limits in Georgia and Federally Insured HECMs

The Federal Housing Authority mortgage lending limits vary from state to state and county to county and are based closely on the area home values. But the FHA limits are also a key factor in determining what senior borrowers qualify for the federally insured Home Equity Conversion Mortgage, or HUD’s reverse mortgage program. Over 90% of the nation’s reverse mortgages are the HECM, but for borrowers with homes valued above the local FHA limit, a HECM may be useless.

Most Georgia counties have FHA limits at the national average. Exceptions are counties just north of the Atlanta metro area where home values have shot up in the last few years.

If you are a senior homeowner and interested in a federally insured HECM, please choose a lender from HUD’s approved lender list. This safeguards you against fraud and puts you in touch with a qualified lender that has managed a HECM within the last year.

Georgia Low-Cost Single Purpose Loans for Tax Deferral or Home Improvement

Many states offer seniors special loans not unlike a reverse mortgage that are based on the borrower’s home equity. These special loans or programs are typically provided to offset costs related to property taxes or home improvement or repairs. Often these programs are called property tax deferrals (PTDs) or deferred property loans (DPLs).

  • The City of Atlanta provides the HOME Owner-Occupied Rehabilitation Program that may come bundled as a type of deferred property loan. The program is open to qualified senior homeowners that have home repairs to make in order to keep their property habitable according to local building codes. All necessary repairs are completed free of charge provided the borrower remains a permanent resident in the home. Many other counties in Georgia provide similar programs.
  • The State of Georgia offers a property tax deferral program for seniors age 62 and over. Borrowers must also be homeowners, resident of the home and have little or no income to qualify. Seniors must file applications annually.

Reverse Mortgage Providers for Mature Homeowners in Georgia

With a reverse mortgage you can tap into a big portion of the equity in your home, value that belongs to you. Reverse mortgage lenders in your state can help you decide if a reverse mortgage is for you.

American Reverse Mortgage

This company is licensed with branch offices in about a dozen states. American Reverse Mortgage specializes exclusively in reverse mortgages. This means you get loan officers that know the business inside and out.

Fairfield Mortgage

Fairfield Mortgage is based in Atlanta, but now is licensed to extend loans nationwide. Borrowers looking for small town customer service might start here. FM offers the federally insured Home Equity Conversion Mortgage (HECM), the single most popular reverse loan in use.

Financial Freedom

This is one of the leading nationwide lenders of reverse mortgages. As one of the most vigorous companies you better bet they offer the three main types of reverse mortgages available: the federally insured Home Equity Conversion Mortgage (HECM) which over 90% of borrowers are eligible for; the Fannie Mae Home Keeper, a slightly modified version of the HECM; and FF’s private Cash Account Advantage Plan.

Generation Mortgage

Generation Mortgage specializes in the federally-insured Home Equity Conversion Mortgage (HECM). This is one of the most borrowed reserve mortgages – well over 90% of all borrowers use this as their reverse mortgage.

Great Oak Mortgage Company

This Atlanta-based company specializes in lending to seniors looking to benefit their valuable home’s equity. Find a step-by-step reverse mortgage tutorial on the company website that guides you through the reverse mortgage confusion.

Wells Fargo Home Mortgage

A division of the nationally recognized bank by the same name. Wells Fargo Home Mortgage provides both forward and reverse mortgages. Customers may find the federally insured HUD Home Equity Conversion Mortgage and the very popular Fannie Mae Home Keeper.