Click Here to receive a detailed analysis You will receive a detailed, no obligation comparison including an estimated amount of money you would receive. Rather Talk to a Consultant?.. Toll Free (888) 415-1955
Atlanta Reverse Mortgage
According to Wikipedia Atlanta is the capital and most populous city in the state of Georgia, as well as the urban core of one of the fastest-growing metropolitan areas in the United States.
With a 2008 estimated population of 537,958, Atlanta is the thirty-third largest city in the United States, and the 28-county Atlanta Metropolitan Area is the 8th-largest such region in the United States, and the largest in the Southeastern US with more than 5,376,285 residents. The Atlanta Combined Statistical Area, home to 5,729,304 people, is the 10th largest in the country and the city is considered to be the central metropolis and the unofficial capital of the region.
Considered to be a top business city and transportation hub, Atlanta is the world headquarters of The Coca-Cola Company, AT&T Mobility, and Delta Air Lines. The surrounding area contains additional corporate headquarters, including Home Depot and UPS. Atlanta has the country’s third largest concentration of Fortune 500 companies along with Chicago inside city boundaries, and more than 75 percent of the Fortune 1000 companies have a presence in the Atlanta metropolitan area. Atlanta is the county seat of Fulton County and the fifth location for the seat of government of the state of Georgia.
Atlanta Reverse Mortgage Limits
People living in the Atlanta, GA region have a great way to be able to take advantage of reverse mortgages in order to provide a better retirement for them in their senior years. A reverse mortgage is a powerful tool that enables you to tap into that unused equity and turn it into a continuous cash flow enabling you to live more comfortably.
Seniors, who are over 62 years old, can use a reverse mortgage loan to draw on the equity in their home and use it to provide a monthly cash flow. If there is more than one name that will be on the senior reverse mortgage, then the youngest one must also be at least 62.
Besides the age requirement, you must also have more money in your homes’ equity than you still owe on it to the lender. That is really all you need to qualify. Your ability to qualify is not based on your income or on your credit score. No payments of any kind are made until the home is sold. The owner continues to own it, too – and not the bank.
A reverse mortgage is a great way to increase the available funds you have each month because it will enable you to not have to live off of the minimum payments from social security. A reverse mortgage enables the owner to choose the frequency and amount of cash flow, which makes it the ideal means to supply you with a more comfortable lifestyle. Money can be given in you in lump sum amounts, in monthly payments, or in a line of credit. Seniors also have the opportunity to combine these three options into a plan that will best suit their needs.
HUD reverse mortgages are insured by the government, and they remain the only ones that are. The government-backed insurance enables you to know for sure that your money will be there when it is needed during that stage of their life.
Currently, reverse mortgage lending limits are at an all time high of $625,500, and this amount is available at least until the end of 2009. This means that if you have a home and take out a FHA reverse mortgage that you could receive up to a maximum of that amount for it. The amount you receive will depend on the value of your Atlanta area home.
In order to help you understand reverse mortgages better, third party companies are available that will answer your questions for you. This ensures that you are aware of reverse mortgages pros and cons, as well as being able to discover if it is a good route for you to follow.
If you live in the Atlanta area, you can get started learning more by using our reverse mortgage calculator and seeing if your retirement years can be made financially stronger. In just a few minutes you can know if this is a good option for you.
Atlanta links:
Atlanta City, Atlanta Seniors
