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How Do I Qualify
To be eligible for a HUD reverse mortgage in Georgia, you must at least 62 years of age or older and an owner-occupant of a qualifying home. You can own your home outright or even have a mortgage balance that can be paid off at closing with proceeds from the reverse mortgage. Further, you are required to receive housing counseling from a HUD-approved counseling agency prior to havung your loan processed. There is currently no specific credit score or income requirement to meet.
Can I apply for a Reverse Mortgage if I didn't buy my house with an FHA mortgage?
Yes. It doesn't matter if you didn't buy it with an FHA-insured mortgage, but your reverse mortgage will be a new FHA-insured loan.
What types of Georgia homes are eligible?
Your home must be a single family dwelling or a two-to-four unit property that you own and occupy. Townhouses, condominiums and some manufactured homes are eligible. Condominiums must be FHA-approved.
What's the out-of-pocket cost?
The only out-of-pocket cost to you is the appraisal fee which must be paid directly to the appraiser when the appraisal is performed. Most AMC's also accept credit card payment.
All other costs are rolled into the loan. This means that you can use your reverse mortgage funds for costs otherwise due at closing. Interest and yearly MIP costs are added to your loan balance since there are no monthly mortgage payments.
Any shortage in the reverse mortgage funds needed to pay off any liens against the property would have to be verified prior to closing and then paid at closing. The only debt allowed to remain after closing is the total amount eventually owed for the reverse mortgage plus interest accrued over the life of the loan plus yearly FHA mortgage insurance costs.
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