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Columbus Reverse Mortgage
According to Wikipedia Columbus is a consolidated city in the U.S. state of Georgia. It is the principal city of the Columbus, Georgia metropolitan area, which, in 2008, had an estimated population of 287,653. It joins with the Auburn, Alabama metropolitan area to form the Columbus, Georgia-Auburn, Alabama Combined Statistical Area, which, in 2008, had an estimated population of 442,953. It is the third largest city and fourth largest metro area in the state, and also the 120th largest city in the U.S.
Columbus lies approximately 100 miles south of Atlanta. Fort Benning, a major employer, is located south of the city in Chattahoochee County. The city is also home to several museums and tourism sites, such as the National Infantry Museum. The area is served by the Columbus Metropolitan Airport. The current mayor is Jim Wetherington (D), who was elected in 2006. The city was ranked number 4 on the 100 Best U.S. Cities to live by Best Life Magazine.
Columbus Reverse Mortgage Limits
If you are living in the Columbus, GA area, then you have probably felt the impact of the changing economy going on all around us. It has affected everyone – and especially the seniors. With no new cost of living raise for those on a limited income, the impact is felt even more. One way for you to be able to meet your expenses and provide a greater cash flow in your retirement years is with a reverse mortgage.
Many seniors recently have discovered that a reverse mortgage would enable them to keep living in their home and remove the cost of having to pay the mortgage each month. Even better, though, is that they do not have to pay anything on the reverse mortgage while they are in their home. Besides this, it can also supply them with a cash flow each month, too.
Lending limits for reverse mortgages have been raised in the past year in order to help seniors who may want to downsize their home. The normal lending limit was $417,000, but this was raised about a year ago to $625,500. It will only stay at this level, however, through the end of the year. Congress is currently deciding what to do with it next year.
Seniors all over Columbus, GA, have been feeling the pinch in many ways. A FHA reverse mortgage can change that because it enables seniors to tap into the equity in their home. The mortgage company will pay you instead of the other way around.
When you get a reverse mortgage loan, you have the option to choose how you want your money given to you. You can get it in a lump sum, a monthly payment, or in a line of credit. A combination of these is the way that many choose to get theirs. This allows you to design your cash flow according to your needs – or your wants. You can also use the money any way you want, too.
A reverse mortgage will pay off your present mortgage before anything else happens. This reduces this bill to zero, enabling you to not have to make any payments on your home while you are living in it.
In addition to not having a standard mortgage anymore, you also do not need to make a single payment on the new reverse mortgage. Depending on your age, you will be given access to a percentage of the money. The older you are, the more money you will be able to get. Reverse mortgage rates will depend on the economy. This money will be paid only when the house is sold or no longer occupied as the primary residence.
A government approved reverse mortgage, called a Home Equity Conversion Mortgage (HECM), and is guaranteed. This enables you to be sure that your money that you will be depending on will be there when you need it. The cost of your upfront mortgage insurance and your monthly mortgage insurance pays for this guarantee. It also means that you will never owe more than what your home is worth.
As a senior in the Columbus area, you can use our reverse mortgage calculator to find out how much money you may be able to receive. A simple click on the link will get you started.
Columbus Links:
Columbus City, Columbus Seniors
