Georgia

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A Georgia reverse mortgage is only available to senior citizens, who are over the age of 62, and own their own home. It is a way for them to bring in extra income without having to move out of their home or hand over the title to their home. The amount of money that a senior citizen can get from a reverse mortgage is based on his or her age and the value of the home.

 

There are no credit requirements with a reverse mortgage, and the money can be used in any way a person sees fit. A senior citizen who obtains a reverse mortgage can choose to receive his or her money in monthly installments, in one lump sum, through a line of credit, or in any type of combination that works best for his or her budget.

 

Basically what happens in a Georgia reverse mortgage is the lender is put in control of the equity in a senior citizen's house. The equity no longer belongs to the person living in the house, it belongs to the lender. The lender is then required to give the equity to the senior citizen in whatever way he or she has decided.

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Reverse Mortgage
Helpdesk

The Reverse Mortgage Helpdesk is a resource, clear and simple. It is also a free service. We want to make sure seniors and/or their loved ones who are making decisions about maintaining their home, have all the facts. Guidelines and procedures change constantly in the mortgage business. We want to make sure people who have worked all their lives are not taken advantage of by

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