Reverse mortgages are all the rave and just might be what seniors in Atlanta need to pay bills or to do some home renovations without breaking the bank. Seniors over the age of 62 who own their home or have a low mortgage balance and who plan to live in their home might want to consider this type of mortgage, which is government insured. While reverse mortgages can provide money for home repairs and money for homecare, reverse mortgages allows seniors to live in their homes with no payments. The Federal Housing Administration Home Equity Conversion Mortgage (FHA HECM) allows a borrower over 62 years old to borrow against the equity in their home that has limited outstanding debt. Because reverse mortgages tend to be expensive, seniors in Atlanta who are considering this type of loan should do research to make sure they understand the advantages and disadvantages of this mortgage instrument.

 

 

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Atlanta Reverse Mortgages for Seniors 62+ | Reduce Expenses

Having trouble paying bills?

Is your home in foreclosure or are you late on payments?

Need some renovations to make your bath/kitchen/house wheelchair compatible or just to fix the leaky roof?

Need some medical or personal help at home, so you don't have to go into a nursing home, but don't have the money to pay for it?

Are the rates on a Equity Credit Line too high or you don't want another payment?

Don't want to sell your house?

Want to eliminate your mortgage payments, but want to maintain ownership?

If so, you may want to research getting a Reverse Mortgage. There are no income or credit requirements. Homeowners must be 62 or older, have paid off 40% or more of their mortgage, and are planning to stay in their home for at least several years.

Reverse Mortgages can be confusing. We suggest you do enough research to fully understand. Make sure the person you choose takes the time to explain all the details. Most agents handle all transactions within your home, so you don't have to deal with traveling, parking or confusing office buildings.

HUD gives these Frequently Asked Questions about HUD's Reverse Mortgages.




NOTE: If you would like to see a selection of sources for REVERSE MORTGAGES included on this page, please send us an email and include what part of Atlanta, or what city, you are near. We'll see what we can do.

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