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
WELLS FARGO 2013 353588744
AMERICAN ADVISORS GROUP 1742 312712288
ONE REVERSE MORTGAGE LLC 1305 219526740
FINANCIAL FREEDOM SENIOR FUNDING CORP 1099 163773263
SAFEWAY MORTGAGE INC 1011 141184950
UNITY MORTGAGE CORP 726 101688773
BANK OF AMERICA 708 127820670
GENERATION MORTGAGE COMPANY 489 89269825
METLIFE BANK NATIONAL ASSOCIATION 427 80421392
PARK PLACE REVERSE MORTGAGE INC 413 70470981
FINANCE OF AMERICA REVERSE LLC 359 64708450
LIBERTY HOME EQUITY SOLUTIONS INC 355 63909064
NEW HOME FINANCE LLC 308 81328295
SENIORS HOME REVERSE MORTGAGE INC 304 61402595
REVERSE MORTGAGE SOLUTIONS INC 286 60091890
SECURITY ONE LENDING 283 53214135
GENWORTH FINANCIAL HM EQUITY ACCESS INC 225 39201410
MORTGAGE SOUTH OF TENNESSEE 218 23745166
AMTRUST MORTGAGE CORPORATION 210 31782342
DIAMOND MORTGAGE AND INVESTMENTS LLC 179 43434980

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 1441 262176198
ONE REVERSE MORTGAGE LLC 680 122850950
LIBERTY HOME EQUITY SOLUTIONS INC 337 60204064
REVERSE MORTGAGE SOLUTIONS INC 286 60091890
FINANCE OF AMERICA REVERSE LLC 204 38758050
NEW HOME FINANCE LLC 155 42972920
REVERSE MORTGAGE FUNDING LLC 116 24634368
FIRSTBANK 114 24254100
LIVE WELL FINANCIAL INC 92 16082800
PROFICIO MORTGAGE VENTURES LLC 91 16118800

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.

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%

Top Cities in Georgia by Total HECM Loans Originated

Rank City Zip Total
1 ATLANTA 30305 2576
2 SAVANNAH 31410 842
3 DECATUR 30034 779
4 MARIETTA 30064 647
5 COLUMBUS 31901 363
6 AUGUSTA 30909 277
7 MACON 31211 220
8 LAWRENCEVILLE 30245 217
9 GAINESVILLE 30506 212
10 ALBANY 31705 211
11 CUMMING 30130 205
12 ROSWELL 30075 203
13 STONE MOUNTAIN 30083 200
14 ATHENS 30606 183
15 GRIFFIN 30223 179
16 VALDOSTA 31602 174
17 BLAIRSVILLE 30512 171
18 CANTON 30114 167
19 NEWNAN 30263 164
20 WOODSTOCK 30188 162
21 BRUNSWICK 31520 157
22 DOUGLASVILLE 30135 153
23 ALPHARETTA 30201 151
24 SMYRNA 30080 144
25 RINGGOLD 30736 142
26 KENNESAW 30144 138
27 MCDONOUGH 30253 135
28 ROSSVILLE 30741 135
29 ACWORTH 30101 134
30 CONYERS 30208 133

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!