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Reverse Mortgage Options Georgia

There are many different reverse mortgage options: single purpose reverse mortgages, federally insured reverse mortgages, and proprietary (private sector) reverse mortgages. Each option has different pros and cons that need to be considered.

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

Single-Purpose Reverse Mortgages

A single purpose reverse mortgage is the lowest-cost type of reverse mortgages to obtain, but as the name indicates it can only be used for one specified purpose. They are typically offered by state or local government agencies. These loans a great for individuals who need cash for a specific purpose like paying property taxes or fixing up there homes. Here are descriptions for several different types of single purpose reverse mortgages:

Property tax deferral (PTD) mortgages are reverse mortgages that provide loan advances for paying property taxes.

Deferred payment loans (DPLs) are reverse mortgages providing lump sum disbursements for repairing or improving homes.

Federally Insured Reverse Mortgages

A federally insured reverse mortgage is the only reverse mortgage insured by the Federal Housing Administration (FHA). These reverse mortgage are one of the lowest-cost multipurpose reverse mortgages currently available. Overall they typically provide the largest total cash benefits of all the reverse mortgage options. The proceeds from a federally insured reverse mortgage can be used for any purpose. These loans are also known as Home Equity Conversion Mortgages (HECMs).

Proprietary Reverse Mortgages

A proprietary reverse mortgage is a mortgage product owned by a private company. These type of loans are more expensive then the other reverse mortgage types and should be approached with caution. Anyone looking into these type loans should get a comparison with a similiar HECM. One benefit of proprietary reverse mortgages are the higher home value limits. So, if you live in a home that is worth a lot more than the average home value in your county, a proprietary loan may give you greater loan advances than a Home Equity Conversion Mortgage (HECM).

As with any financial decision, you should get professional help to help you decide which option is best for your situation. Reverse mortgage counselors can help you evaluate each of your options and help you make an informed decision.

About the Author:

Charles Kirkendall writes about reverse mortgages and other senior financial issues. Visit http://www.reverse.settle-today.com or http://reverseannuity.blogspot.com for more information and resources.


Article Source:

thePhantomWriters Article Submission Service

Featured Local Company

Capitol City Bank & Trust Company

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