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Roswell Reverse Mortgage
According to Wikipedia, Roswell is a city located in northern Fulton County and an affluent northern suburb of Atlanta, Georgia. Per the US Census Bureau’s 2008 estimate, the population is 87,657. It is the seventh-largest city in Georgia. A branch of the Chattahoochee River National Recreation Area, a component of the National Park System, is located in Roswell at Vickery Creek.
Roswell Reverse Mortgage Limits
For retirees in Georgia, the Atlanta suburb of Roswell offers many different things of interest as well as a mild climate. In fact, the climate tends to be milder than some other Georgia cities with summer temperatures usually falling into the upper 80s, a much more bearable temperature for Georgia’s seniors. While there are fluctuations, the months of January have the lowest temperatures which hovers around 30°F. Demographically speaking approximately ten percent of the population of Roswell is over the age of 60.
Roswell’s seniors can take advantage of the equity in their homes to supplement their retirement income without making any payments on the loan. Unlike a traditional mortgage, these reverse mortgages allow those in Roswell who are at least 62 years old to cash in on their home’s equity up to a maximum of $625,500 with a small reduction of ten percent to help finance the reverse mortgage subsidy program that the president recently approved. This limitation is an increase over the previous limit of $417,000 and is good until the end of 2009. There is no way to know what Congress will do at that time, but they have the option to extend the current limitation, reinstate the previous one or approve an amount somewhere in between-or less if they feel it is warranted.
There are several factors that will affect the amount for which you will be approved. While the maximum is $625,500 not everyone is entitled to that amount even if their home equity falls in that category. Besides the home’s value other major contributing factors include the current interest rate and the homeowner’s age. When it comes to a reverse mortgage older homeowners have a definite advantage over younger ones. While you qualify for a reverse mortgage at the age of 62, if you can wait to apply for your reverse mortgage you will be able to qualify for a higher amount. The assumption is that older homeowners need the money for a shorter period of time thus they will be approved for a higher reverse mortgage. That is not to say you should financially struggle in order to obtain more money; however, if you are able to wait until you are older it is definitely to your advantage to do so.
For those who are already at least 62 years old and want to take advantage of the current reverse mortgage limitation, you want to keep in mind HUD requires counseling before you will be approved. You need to give yourself enough time to schedule your counseling so that you can complete it before the limits expire on December 31st. The rules are quite tight on this-you have to complete the counseling and not just schedule it by the deadline. Unless Congress extends the current limitation, you will then fall under whatever the new limitations are. While this may not be a problem for those who own less expensive homes, it will be a disadvantage for those who own higher priced homes and wish to take advantage of current limits.
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