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Athens Reverse Mortgage
According to Wikipedia Athens-Clarke County is a unified city-county in Georgia, U.S., in the northeastern part of the state. The University of Georgia is located in this college town and is responsible for the initial creation of Athens and its subsequent growth. Athens-Clarke County is the fifth-largest city in Georgia and the principal city of the Athens-Clarke County, Georgia Metropolitan Statistical Area, which had a population of 189,264 as of the 2008 Census Bureau estimate.
Athens Reverse Mortgage Limits
The recently changing economy has probably been felt in your neighborhood, too in Athens, GA. If you are a senior and a homeowner, then you may have seen the value of your home change recently, causing you possibly to wonder about the security of your retirement. Fortunately, an Athens reverse mortgage may enable you to get a more secure retirement – in spite of the economy.
Even without a cost of living increase, a FHA Athens reverse mortgage can help you meet your future financial demands. It can also secure your home in such a way that you will be able to live in it as long as you need to.
An Athens reverse mortgage will not increase your monthly out flow of money. In fact, it will enable you to decrease it in three ways.
First, it will pay off your existing mortgage at closing. This means one less large bill for you. Secondly, you will be able to get a lump sum amount which you may want to use to pay off any other bills you may have. Thirdly, you will not have to pay anything on your Athens reverse mortgage until the house is sold. All three of these things enable you to keep more money in your pocket each month.
At the closing of your new Athens reverse mortgage loan, you will get to decide how you want to receive your money. This comes from the balance of your equity that remains after your current mortgage is paid. You will be entitled to a portion of it, the amount will depend on how old you are and how you want your money to be given to you.
As a senior who wants a more secure financial future, you can be sure that your home’s equity will be there when you need it. A FHA Athens reverse mortgage, also called a Home Equity Conversion Mortgage (HECM), is guaranteed by the government (HUD). As part of your Athens reverse mortgage fees, you will be charged a 2% up front mortgage insurance fee, and an additional 0.5% fee every month for this guarantee. This fee also guarantees that you will never have to pay more than the house is worth.
You will be able to choose to receive your money through a lump sum amount, a line of credit, or a monthly payment. Some people in Athens choose to get some combination of the three options.
Another great feature of an Athens reverse mortgage is that it is easy to get qualified. The first is that anyone whose name will be on the agreement must be at least 62 years old. You will also need to have more equity in your home than the amount you still owe on it.
You can find out in just a few minutes just how much a homeowner in Athens can get. The current national lending limit is $625,500. You can use your reverse mortgage calculator right now to discover just how much your home can give you in a reverse mortgage.
Athens Links:
Athens City, Athens Seniors
