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Macon Reverse Mortgage
According to Wikipedia, Macon is a city located in central Georgia. It is among the largest metropolitan areas in Georgia, and the county seat of Bibb County. A small portion of the city extends into Jones County. It lies near the geographic center of Georgia, approximately 85 miles south of Atlanta, hence the city’s nickname as the Heart of Georgia. As of 2008, Macon had a population of 92,775; the Macon, GA Metropolitan Statistical Area had an estimated population of 230,777 and the Macon-Warner Robins-Fort Valley Combined Statistical Area had an estimated population of 386,534. In terms of population Macon is the sixth-largest city, fifth-largest Metropolitan Statistical Area, and fifth-largest Combined Statistical Area in Georgia. Macon-Warner Robins-Fort Valley, GA Combined Statistical Area includes 7 Georgia counties.
Macon Reverse Mortgage Limits
The milder temperatures that are typical of Macon and Georgia as a whole make the area impressive to both residents and those looking for a place to move when they retire. While most people think of Florida as a haven for retirees, Georgia is also a good choice for those who are looking for a more subtle climate, something that is mild in the winter but with fluctuating temperatures in the summer. The summers in Macon tend to be in the mid 90s with winter temperatures in the mid 30s-some fluctuations but not as extreme as you expect to find farther south.
Whether you are a current resident of Macon or plan to move when you retire you will find the cost of living comparable to other big cities in the southern part of the United States. Certainly it will be necessary for you to weigh that against the amount of retirement income you will be receiving at the time. If you are already retired and have a reverse mortgage on your current home, you could use the money from your current reverse mortgage to buy another home in Macon. Depending where you currently live, the cost of living may allow you to do more with your retirement income and cash flow from your Macon reverse mortgage than you are able to do at the present time.
The Macon reverse mortgage limits are set by HUD and do not change no matter where you live in the United States. Through the rest of 2009 you can borrow a maximum of $625,500 depending on your age, the value of your home and the current interest rate. The principal limit amount for which you quality has been reduced by ten percent in order to help fund the Macon reverse mortgage subsidy program that was recently approved. This fund was implemented because of concerns that the current real estate market will create a financial hardship on both borrowers and lenders and engaging the participation of Macon reverse mortgage borrowers is the most efficient way to raise the $798 million that is necessary.
Macon Reverse Mortgage – Act now
At the present time there is no way to know what Congress will do when the current national lending limitation expires at the end of 2009. There are some rumors that they will reinstate the previous $417,000 limit but it will depend on how the condition of the housing market as the expiration date approaches. If you are currently at least 62 years old and plan to continue living in your home you may want to begin looking into a Macon reverse mortgage, especially if your home is higher priced and you want to take advantage of the higher Macon reverse mortgage limitations before they expire.
HUD also requires applicants for a Macon reverse mortgage to obtain counseling before they will issue a FHA case number, so you need to allow enough time for this process as well. The amount of money you will receive will vary between forty to seventy percent of the value of your home with your age being a major contributing factor. The older you are when you apply for a Macon reverse mortgage, the more you will be able to obtain, and this holds true no matter what the existing Macon reverse mortgage limitation is.
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