HECM Loans in Georgia

What Is a Reverse Mortgage in GA?

Reverse mortgages sound complicated or too good to be true, depending on who you ask. Some folks in Georgia think it’s all just a way for the bank to take your assets. No question about it, there are a lot of opinions and misconceptions about reverse mortgages and how they work. Let’s clear up all of those misunderstandings right now, here are the facts about reverse mortgages and how you can benefit from one.

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How It Works

A reverse mortgage is a loan that any homeowner aged 62 or older in the state of Georgia is eligible to access. The money comes from the equity in the home and a reverse mortgage is a way for the homeowner to turn that equity into cash. The term comes from the simple fact that instead of paying a lender monthly payments every month in a lending arrangement, the borrower takes those payments each month instead.

The borrower is not obligated to make any reimbursements on this money until such time that the home in which he or she is living is sold or they vacate the premises. During such time in which they live in the home, no payments are due and none are expected by the lending organization. However, the borrower is expected to continue making any other payments related to ownership of their home, such as homeowners insurance, HOA fees, and all applicable property taxes.

Why a Reverse Mortgage for GA Seniors?How Much Money Could You Receive?

The size of your payment is largely dependent on a number of factors, but in a nutshell, the older you are and the more equity value that is in the home, the more money you are eligible to receive. But it all starts with your age. The minimum requirement is 62 though if you are married, the youngest spouse applies. The value of the home is also a major determining facet of your amount as well as the interest rate for which you qualify. In addition, the amount of your reverse mortgage is also dependent upon the lesser of the following, either the appraised value or the HECM FHA mortgage limit, which is $625,000.

How to Collect

In order to qualify, you must own the home or have very few payments outstanding on your current mortgage, the balance of which must be paid in full at closing. The money for that payment will be taken from the funds of your loan balance. Collecting those funds is determined by the type of mortgage you select. Adjustable-rate mortgages allow you to take distributions in a lump sum, a line of credit, fixed monthly payments, or a combination of these options. Fixed-rate mortgages only provide distributions as a lump sum.

The Top Reverse Mortgage Lenders in Georgia

You may be wondering which lenders dominate the HECM market in GA. Prior to 2012, the answer was large banks like Wells Fargo, which is still the all time leader in the state.

All Time:

Lender Loans Total Principal Limit
AMERICAN ADVISORS GROUP 3,155 653,956,576
WELLS FARGO 2,013 353,588,744
ONE REVERSE MORTGAGE LLC 1,488 264,052,040
FINANCIAL FREEDOM SENIOR FUNDING CORP 1,099 163,773,263
SAFEWAY MORTGAGE INC 1,011 141,184,950
UNITY MORTGAGE CORP 726 101,688,773
BANK OF AMERICA 708 127,820,670
GENERATION MORTGAGE COMPANY 489 89,269,825
FINANCE OF AMERICA REVERSE LLC 481 100,711,325
METLIFE BANK NATIONAL ASSOCIATION 427 80,421,392
LIBERTY HOME EQUITY SOLUTIONS INC 425 80,538,569
PARK PLACE REVERSE MORTGAGE INC 413 70,470,981
NEW HOME FINANCE LLC 378 107,307,118
SENIORS HOME REVERSE MORTGAGE INC 304 61,402,595
REVERSE MORTGAGE SOLUTIONS INC 286 60,091,890
SECURITY ONE LENDING 283 53,214,135
REVERSE MORTGAGE FUNDING LLC 266 74,838,799
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 228 66,592,270
GENWORTH FINANCIAL HM EQUITY ACCESS INC 225 39,201,410
MORTGAGE SOUTH OF TENNESSEE 218 23,745,166

However, these banks left the market around 2012, leaving companies that specialize in reverse mortgages such as AAG. Here are the leaders since that massive change.

Since 2012

Lender Loans Total Principal Limit
AMERICAN ADVISORS GROUP 2,854 603,420,486
ONE REVERSE MORTGAGE LLC 863 167,376,250
LIBERTY HOME EQUITY SOLUTIONS INC 407 76,833,569
FINANCE OF AMERICA REVERSE LLC 326 74,760,925
REVERSE MORTGAGE SOLUTIONS INC 286 60,091,890
REVERSE MORTGAGE FUNDING LLC 266 74,838,799
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 225 65,368,770
NEW HOME FINANCE LLC 225 68,951,743
FIRSTBANK 150 31,942,750
LIVE WELL FINANCIAL INC 146 28,050,250

Want to learn more? Click here to get free information about a reverse mortgage!

Rates

Each month, the US Department of Housing and Urban Development publishes a list of all HECM loans originated in Georgia. Based on these data, we’ve calculated the average interest rates in each month.

Current Rates

Date Fixed Rate Adjustable Rate
2019-01-01 4.93% 5.05%
2019-02-01 4.57% 5.09%
2019-03-01 5.18% 5.04%
2019-04-01 4.73% 4.78%
2019-05-01 4.56% 4.84%
2019-06-01 NA 4.72%
2019-07-01 NA 4.67%
2019-08-01 4.93% 4.23%
2019-09-01 NA 4.36%
2019-10-01 4.84% 4.47%
2019-11-01 NA 4.23%
2019-12-01 4.78% 4.25%
2020-01-01 NA 4.07%
2020-02-01 NA 4.12%
2020-03-01 NA 4.08%
2020-04-01 3.50% 3.75%
2020-05-01 4.31% 3.64%
2020-06-01 NA 3.34%
2020-07-01 3.62% 3.22%
2020-08-01 NA 3.19%
2020-09-01 3.06% 3.15%
2020-10-01 3.46% 3.00%
2020-11-01 3.12% 3.01%
2020-12-01 3.08% 2.91%
2021-01-01 3.56% 2.84%
2021-02-01 3.33% 2.73%
2021-03-01 3.12% 2.59%
2021-04-01 3.06% 2.48%
2021-05-01 3.43% 2.47%
2021-06-01 3.68% 2.32%
2021-07-01 3.31% 2.23%
2021-08-01 3.51% 2.33%
2021-09-01 3.48% 2.31%
2021-10-01 3.23% 2.30%
2021-11-01 3.06% 2.30%

Historic Rates

Date Fixed Rate Adjustable Rate
2016-01-01 5.06% 3.57%
2016-02-01 4.98% 3.81%
2016-03-01 4.99% 3.78%
2016-04-01 5.03% 3.91%
2016-05-01 5.01% 4.09%
2016-06-01 5.00% 4.14%
2016-07-01 5.03% 4.23%
2016-08-01 5.01% 4.32%
2016-09-01 4.87% 4.56%
2016-10-01 4.95% 4.62%
2016-11-01 4.85% 4.71%
2016-12-01 5.02% 4.72%
2017-01-01 5.00% 4.89%
2017-02-01 4.90% 4.73%
2017-03-01 4.89% 4.57%
2017-04-01 5.02% 4.55%
2017-05-01 4.99% 4.43%
2017-06-01 5.01% 4.39%
2017-07-01 5.02% 4.42%
2017-08-01 5.01% 4.53%
2017-09-01 5.02% 4.50%
2017-10-01 5.04% 4.50%
2017-11-01 5.04% 4.63%
2017-12-01 4.90% 4.66%
2018-01-01 4.98% 4.65%
2018-02-01 4.70% 4.61%
2018-03-01 4.93% 4.70%
2018-04-01 4.79% 4.75%
2018-05-01 4.49% 4.76%
2018-06-01 4.83% 4.85%
2018-07-01 4.88% 4.76%
2018-08-01 4.56% 4.62%
2018-09-01 4.66% 4.82%
2018-10-01 4.63% 4.79%
2018-11-01 4.68% 4.93%
2018-12-01 4.21% 4.95%

Top Cities in Georgia by Total HECM Loans Originated

Rank City Zip Total
1 ATLANTA 30305 2,874
2 SAVANNAH 31410 939
3 DECATUR 30034 885
4 MARIETTA 30064 802
5 COLUMBUS 31901 394
6 AUGUSTA 30909 306
7 CUMMING 30130 298
8 GAINESVILLE 30506 279
9 LAWRENCEVILLE 30245 270
10 ROSWELL 30075 269
11 MACON 31211 247
12 CANTON 30114 240
13 STONE MOUNTAIN 30083 240
14 WOODSTOCK 30188 232
15 GRIFFIN 30223 223
16 ALBANY 31705 220
17 ATHENS 30606 210
18 BLAIRSVILLE 30512 203
19 NEWNAN 30263 202
20 VALDOSTA 31602 195
21 DOUGLASVILLE 30135 191
22 ALPHARETTA 30201 187
23 SMYRNA 30080 180
24 BRUNSWICK 31520 177
25 KENNESAW 30144 173
26 ACWORTH 30101 171
27 COVINGTON 30209 167
28 RINGGOLD 30736 167
29 CONYERS 30208 166
30 MCDONOUGH 30253 165

Housing Counselors

Prior to taking out a reverse mortgage, you are required to speak to a housing counselor. Here is a list of HUD approved counselors operating in GA:

ATLANTA LEGAL AID SOCIETY, INC.
246 SYCAMORE ST, DECATUR GA 30030-3442
(770) 817-7520

Index Page

CCCS OF THE SAVANNAH AREA, INC.
515 DENMARK STREET, STATESBORO GA 30458-5287
(912) 691-2227
www.cccssavannah.org

CCCS OF THE SAVANNAH AREA, INC.
501 GLOUCESTER STREET SUITE 202, BRUNSWICK GA 31520-7002
(912) 691-2227
www.cccssavannah.org

CCCS OF THE SAVANNAH AREA, INC.
BRANTLEY BLDG. STE. A, 135 E. MLK BLVD, HINESVILLE GA 31313-3711
(912) 691-2227
cccssavannah.org

CCCS OF THE SAVANNAH AREA, INC.
7505 WATERS AVE., SUITE C-11, SAVANNAH GA 31406-3826
(912) 691-2227

Our Services

HANCOCK COMMUNITY DEVELOPMENT CORPORATION
300 HENDERSON EXT, ATHENS GA 30606-3738
(877) 284-4326
http://www.hancockcdc.org

MONEY MANAGEMENT INTERNATIONAL – ATLANTA BRANCH
270 PEACHTREE ST NW, ATLANTA GA 30303-1283
(877) 877-1995
http://www.clearpointccs.org

NID-HCA ATL SOUTHERN CRESCENT
4590 WELCOME ALL RD SW, COLLEGE PARK GA 30349-2540
(404) 763-1553
www.nidonline.org

TOTALLY FREE, INC.
1515 1/2 NEWCASTLE STREET, BRUNSWICK GA 31520-6806
(912) 265-1515
www.totallyfreeinc.org

TOTALLY FREE, INC.
1612 UNION STREET, BRUNSWICK GA 31520-6733
(912) 265-1515
www.totallyfreeinc.org

VETERANS CENTER
8060 WEBB RD, UNIT 741202, RIVERDALE GA 30274-5405
(678) 792-8387
www.vetscenterinc.org

Want to learn more? Click here to get free information about a reverse mortgage!