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 3,744 845,110,451
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
FINANCE OF AMERICA REVERSE LLC 710 180,923,225
BANK OF AMERICA 708 127,820,670
GENERATION MORTGAGE COMPANY 489 89,269,825
MUTUAL OF OMAHA MORTGAGE INC. 431 143,092,694
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
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 399 132,266,436
NEW HOME FINANCE LLC 392 115,009,534
REVERSE MORTGAGE FUNDING LLC 306 90,945,799
SENIORS HOME REVERSE MORTGAGE INC 304 61,402,595
REVERSE MORTGAGE SOLUTIONS INC 286 60,091,890
SECURITY ONE LENDING 283 53,214,135
GENWORTH FINANCIAL HM EQUITY ACCESS INC 225 39,201,410

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 3,443 794,574,361
ONE REVERSE MORTGAGE LLC 863 167,376,250
FINANCE OF AMERICA REVERSE LLC 555 154,972,825
MUTUAL OF OMAHA MORTGAGE INC. 431 143,092,694
LIBERTY HOME EQUITY SOLUTIONS INC 407 76,833,569
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 396 131,042,936
REVERSE MORTGAGE FUNDING LLC 306 90,945,799
REVERSE MORTGAGE SOLUTIONS INC 286 60,091,890
NEW HOME FINANCE LLC 239 76,654,159
SOUTH RIVER MORTGAGE LLC 186 59,435,400

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%
2021-12-01 3.56% 2.38%
2022-01-01 3.56% 2.37%
2022-02-01 3.43% 2.39%
2022-03-01 4.12% 2.91%
2022-05-01 4.68% 3.85%
2022-04-01 3.31% 3.27%
2022-06-01 4.09% 4.12%
2022-07-01 5.18% 4.69%
2022-08-01 NA 5.25%
2022-09-01 NA 5.55%
2022-10-01 5.43% 6.09%
2022-11-01 NA 6.61%
2022-12-01 5.93% 7.08%
2023-01-01 NA 7.13%
2023-02-01 6.55% 7.19%
2023-03-01 6.18% 7.29%
2023-04-01 NA 7.03%
2023-05-01 NA 7.09%
2023-06-01 NA 7.34%
2023-07-01 NA 7.41%
2023-08-01 NA 7.63%
2023-09-01 NA 7.63%
2023-10-01 NA 7.72%
2023-11-01 NA 7.77%
2023-12-01 NA 7.74%
2024-01-01 NA 7.31%
2024-02-01 NA 7.25%
2024-03-01 NA 7.25%

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 DECATUR 30032 408
2 ATLANTA 30316 364
3 ATLANTA 30311 332
4 ATLANTA 30331 297
5 ATLANTA 30310 273
6 ATLANTA 30317 227
7 BLAIRSVILLE 30512 223
8 ATLANTA 30318 218
9 DECATUR 30030 203
10 MARIETTA 30062 198
11 WOODSTOCK 30188 196
12 DECATUR 30034 184
13 RINGGOLD 30736 182
14 ATLANTA 30314 180
15 GRIFFIN 30223 180
16 ROSWELL 30075 174
17 MARIETTA 30066 173
18 ATLANTA 30315 173
19 ROSSVILLE 30741 173
20 CANTON 30114 166
21 SAVANNAH 31405 159
22 GAINESVILLE 30506 159
23 SAVANNAH 31406 159
24 MARIETTA 30064 157
25 LOGANVILLE 30052 156
26 SAVANNAH 31404 153
27 CUMMING 30040 152
28 MARIETTA 30068 150
29 JASPER 30143 150
30 DOUGLASVILLE 30135 147

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
http://atlantalegalaid.org

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
http://www.cccssavannah.org

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!