Georgia Reverse Mortgage LendersGeorgia, known as the Peach State, is home to a number of large corporations such as Home Depot, UPS, Delta Airlines and SunTrust Banks. Reverse mortgages are especially popular choices in cities that include Atlanta, Columbus, Augusta, Macon, Savannah and Johns Creek due to the senior population who have issues with cashflow and have equity in their homes.
Reverse mortgage lenders have a huge presence within the state. Georgia is ranked 8th in population and has a huge amount of baby boomers and seniors whom the lenders are trying to educate on reverse mortgage home loans, also known as home equity conversion mortgages. Most of these folks are not eligible for a traditional mortgage because they lack income to qualify.
- The primary borrower on the loan must be age 62 or older
- Complete a reverse mortgage counseling session.
- Must have enough equity in the property (typically this means owe no more than half of the value of the property)
- Property must be a single family home, townhome, HUD approve condo or certain manufactured homes. Co-ops are not eligible for a reverse mortgage.
Featured Georgia Reverse Mortgage Lender
FirstBank Mortgage Partners
Vanguard Funding LLC
Generation Mortgage Company
Advisors Mortgage Group, LLC
Homeowners Reverse Mortgage Center a subsidiary of CoastalStates Bank
Top Flite Financial, Inc.
1st Financial Reverse Mortgages
American Advisors Group (AAG)
Proficio Mortgage Ventures, LLC
Liberty Home Equity Solutions, Inc.
Most Loans By City in GeorgiaBelow are the most popular cities in the state of Georgia with the number of HECM reverse home loans originated since 2017. As you can see, it is no surprise that Atlanta tops the list. Not too far behind are Marietta, Savannah, Roswell and Lawrenceville. The average initial principal limit varies from city to city. This amount depends on the age of the borrower, property value and equity in the property. For instance, in Marietta, the average initial principal limit was $170,618 and in Woodstock, the average was $146,230 but over in Kennesaw, the average initial principal amount was $153,122.
Source: U.S. Department of Housing and Urban Development