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Marietta Reverse Mortgage
According to Wikipedia, Marietta is a city located in central Cobb County, Georgia, and is its county seat. As of the 2000 census, the city had a total population of 58,748, making it one of metro Atlanta’s largest suburbs. Census estimates of 2007 indicate a population of 67,021. Marietta is the third-largest of three principal cities (by population) of and is included in the Atlanta-Sandy Springs-Marietta, Georgia metropolitan statistical area, which is included in the Atlanta-Sandy Springs-Gainesville, Georgia-Alabama combined statistical area. In 2009, the mayor of Marietta was William B. (Bill) Dunaway, in his second and last four-year term as mayor.
Marietta Reverse Mortgage Limits
Homeowners living in Marietta Georgia have options when it comes to supplementing their retirement income. After all, no matter how well you save during the time you are working you will never save enough money to make up for the income reduction you will experience when you retire-unless, of course, you are in a financial position to contribute heavily to a 401K and make other substantial investments. For the average person even in the upper-middle income range making the transition from working to retirement can cause a substantial financial strain.
How can a senior homeowner relieve the strain of attempting to live on less income than he was when he was still working? By obtaining a Marietta reverse mortgage. After all, just because you retire doesn’t mean your expenses will be any less. While the cost of gas may decrease, other expenses will increase because you will be home all the time-electricity, heat/air conditioning, and food. This makes it essential for a senior to be able to retain the same cash flow he or she had when working especially since most pension plans do not provide a cost of living increase.
Marietta Reverse Mortgage Cash Flow
How does a senior homeowner in Marietta obtain additional cash flow without returning to the work force? One of the best ways for any homeowner to add additional cash to his monthly budget is to invest in his home’s equity using a Marietta reverse mortgage. The cash flow from a Mariettareverse mortgage is non-taxable so no matter how much you withdraw from the amount for which you are approved you will not need to claim it on your taxes. No matter how much equity you have in your home, HUD has set maximum limits on the amount you can borrow in a Marietta reverse mortgage, currently $625,500.
There is no need for borrowers to fear the volatile real estate market because the insurance on a Marietta reverse mortgage insures you will never owe more than your home is worth. When you sell your home or it becomes part of your estate the FHA will make up any difference in monetary value thus the reason you pay premiums on your Marietta reverse mortgage. If you are contemplating a Marietta reverse mortgage you want to remember the current national lending limit expires the end of 2009, and there is no way to know at this time what the maximum will be in 2010. However, if the equity in your home is lower than the current maximum it will have no bearing on your current situation since you can never borrow more than the value of your home.
Thank you for visiting information about Marietta reverse mortgage.
Marietta Links:
Marietta City, Marietta Seniors
