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Sandy Springs Reverse Mortgage
According to Wikipedia, Sandy Springs, Georgia, is a city in north Georgia, incorporated in December 2005. It is the affluent suburb just north of Atlanta and is the eighth-largest city in the state. According to the US Census Bureau, the 2008 estimated population was 82,674. Sandy Springs is located in north Fulton County, Georgia, just south of Roswell and west of Dunwoody, and is named for the sandy springs that still exist in the city as a protected historic site. It is the second-largest of the three principal cities of the Atlanta-Sandy Springs-Marietta, Georgia Metropolitan Statistical Area.
Sandy Springs Reverse Mortgage Limits
The availability of reverse mortgages is of essential importance to those who live in this affluent suburb of Atlanta. While having a large and beautiful home is of no concern when you are working and bringing in enough money to cover all of the expenses, you may wonder how you are going to be able to do that when you retire and don’t have enough money coming in. The first thought that comes to mind is you will have to forego enjoying your retirement in order to return to work even if only part time. Another alternative may be for your spouse to continue working after you retire thus preventing the pleasure of doing things together you didn’t have time to do when you were working.
Fortunately taking out a reverse mortgage can help each person living in Sandy Springs enjoy their retirement years. While those who own homes that are higher in price than the limit of $625,500, they can certainly find solace in knowing they are able to draw against some of their home’s value without having to sell or refinance their home at a time in their life when they should be able to enjoy it. For most people a reverse mortgage means having a means to secure additional cash flow rather than attempting to replace the income they already have. Those who have the financial means to live in Sandy Springs may be working for one of the major Fortune 500 corporations located in this recently incorporated locality and as such can look forward to a nice pension when they retire.
One thing to remember is the current national lending limit of $625,500 expires at the end of 2009, so those who have already reached their 62nd birthday and want to take advantage of this higher reverse mortgage limit will need to do so soon. While there is a possibility Congress may keep the same limit in place because of the depressed real estate market, there is no guarantee and most sources believe they will either return to the previous limit of $417,000 or approve a different limit totally. Since there is no way for the general public to know this until after HUD issues the announcement, those interested in a reverse mortgage will need to make their decision based on the current reverse mortgage limit. If it changes to their advantage they can consider refinancing at that time to obtain more cash from their home’s equity.
Even though the maximum reverse mortgage lending limit is currently $625,500, not everyone will qualify for the maximum. There are three major contributory factors: the age of the homeowner, the current interest rate and the value of your home. The average reverse mortgage fluctuates between forty and seventy percent of the home’s equity with older homeowners qualifying for more than younger ones. The premise for this is because of the fact older homeowners will have fewer years they need the money, especially those who choose the variable rate line of credit option.
Sandy Springs Links:
Sandy Springs City, Sandy Springs Seniors
