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How To Get a Reverse Mortgage Georgia

Reverse mortgages can be a way to help an elderly individual or couple receive the money they need to make the rest of their lives comfortable, to finance a medical need, or to get them out of a financial bind. With a reverse mortgage, a lender will pay you a lump sum or monthly payments and in return, the lender will have ownership over your home when you pass or move out of the home.

Local Companies

Capitol City Bank & Trust Company
(404) 752-6067
562 Lee St SW
Atlanta, GA
A & C Mortgage LLC
(678) 822-0400
3042 Oakcliff Rd
Atlanta, GA
AAA Direct Mortgage
(770) 448-7796
3955 Pleasantdale Rd
Atlanta, GA
Cummings Mortgage Co.
706-295-7165
111 Bridgepoint Plaza Ste 302
Rome, GA
Countrywide Mortgage Corporation
770-414-6600
100 Colony Square, 1175 Peachtree St.
Atlanta, GA
Novation Mortgage
678-698-3557
2501 E. Piedmont Road
Marietta, GA
Option 1 Finanical
678-232-0828
2380 Buford Dr Suite 106-328
Lawrenceville, GA
1st American Capital LLC
(404) 588-5500
191 Peachtree St Ne
Atlanta, GA
American Equity Mortgage
770-955-5700
200 Galleria Pkwy SE
Atlanta, GA
Allied Home Mortgage Capital Corp.
770-939-7075
2179 Northlake Pkwy
Tucker, GA

Reverse mortgages can be a way to help an elderly individual or couple receive the money they need to make the rest of their lives comfortable, to finance a medical need, or to get them out of a financial bind. With a reverse mortgage, a lender will pay you a lump sum or monthly payments and in return, the lender will have ownership over your home when you pass or move out of the home. Additionally, if you sell your home, the loan will need to be repaid in full. A reverse mortgage is not a decision that should be taken lightly. It seems like a great deal, but there are also many factors to consider. The steps below will help you through the process.

  1. Decide which type of reverse mortgage fits you best. You can choose from a single-purpose reverse mortgage, which is given out by the government and nonprofit companies, a Home Equity Conversion Mortgage, which allows your mortgage to be insured by HUD, and a proprietary reverse mortgage, which is a fully private loan.

  2. Make sure you meet the minimum requirements for the type of reverse mortgage you choose. These usually include being 62 or older, owning your own home (which may or may not have mortgage payments remaining on it), and using the home as your primary residence. Some programs may have their own requirements, such as income guidelines.

  3. Determine what you can get from your home and if it is enough to fulfill your needs.

  4. Determine how you will receive your funds. You can choose from lump sum payment, a line of credit (which you can access when you need), a monthly payment (which will be a set amount paid at the same time every month), or you can combine a number of methods if you need flexibility. Each of these options will have its own advantages or disadvantages depending on your situation.

    ...

Click here to read the rest of the article at HowToDoThings.com

Author: Julie Bonner

Featured Local Company

Capitol City Bank & Trust Company

(404) 752-6067
562 Lee St SW
Atlanta, GA
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