Click Here to receive a detailed analysis You will receive a detailed, no obligation comparison including an estimated amount of money you would receive. Rather Talk to a Consultant?.. Toll Free (888) 415-1955
Savannah Reverse Mortgage
According to Wikipedia Savannah is the largest city in, and the county seat of, Chatham County, Georgia, USA. Savannah was established in 1733 and was the first colonial and state capital of Georgia. Each year Savannah attracts millions of visitors, who enjoy the city’s architecture and historic buildings: the birthplace of Juliette Gordon Low (founder of the Girl Scouts of the United States of America), the Telfair Academy of Arts and Sciences (one of the South’s first public museums), the First African Baptist Church (one of the oldest African American Baptist congregations in the United States), Temple Mickve Israel (the third-oldest synagogue in America), and the Central of Georgia Railway roundhouse complex (the oldest standing antebellum rail facility in America). Today Savannah’s downtown area, which includes the Savannah Historic District, the Savannah Victorian Historic District and 21 parklike squares, is one of the largest National Historic Landmark Districts in the United States (designated by the U.S. government in 1966). Savannah was the host city for the sailing competitions during the 1996 Summer Olympics held in Atlanta, Georgia.
Savannah Reverse Mortgage Limits
Even the beautiful city by the sea, Savannah, GA, has experienced some of the economic troubles our nation has recently been through. If you are a senior and a home owner living in or near the Savannah area, you can increase your cash flow in your retirement years with a reverse mortgage.
Reverse mortgages are basically loans that work the opposite way of a traditional mortgage. Instead of you making payments, lenders will pay you to live in your own home. They will also guarantee you a cash flow as long as you have equity in your home. It will remain your home, too, and you will be able to live in it as long as you need to.
Once the closing is completed for a FHA reverse mortgage, your days of making payments on a mortgage are over. That is one less bill you have to be concerned about, and you can use the extra cash as you wish. A reverse mortgage will take out costs and fees at the closing, and then interest is paid when the house is sold or no longer occupied as the primary residence.
You may be wondering just how sure of a deal a reverse mortgage really is when the economy is fluctuating as much as it is. FHA reverse mortgages, technically called a Home Equity Conversion Mortgage (HECM), are guaranteed by HUD. Only government reverse mortgages offer this guarantee. Even if your lender should go under, the government guarantees that your money will be available to you.
A reverse mortgage will pay off any existing mortgage before anything else, and then the remaining money will go to you. You will have flexibility in determining just how you want to receive the money. You can choose lump sum amounts, monthly payments, or a line of credit. Combinations of these options are what some people in Savannah choose. The older you are, the more money you will be able to get.
A HUD reverse mortgage is surprisingly easy to obtain. There really are only two basic requirements. First, the youngest person on the loan agreement will need to be at least 62 years old. Secondly, you must have more equity in your home than you still owe.
A third thing that you will need to do is designed to protect you. You will be required to get counseling from a third party to make sure you understand the various aspects of the loan before you can get approved for it.
A reverse mortgage does many things for you. It pays off your present mortgage which will reduce your need for cash. You can receive a lump sum which will give you money for what ever you want – take a vacation, remodel your home, travel, pay other bills, etc. Then, you can also receive a monthly check to enable you live more comfortably. You will not need to make any payments on your reverse mortgage as long as you live in the home. That’s hard to beat.
Take a quick look and find out just how much money someone living in Savannah might be able to get on a reverse mortgage. All you need to do is to use our reverse mortgage calculator to get started.
Savannah Links:
Savannah City, Savannah Seniors
