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| Frequently Asked Questions |
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Here are the top questions our loan officers in Georgia hear everyday. If your question can't be answered through the use
of this FAQ, then please do not hesitate to call us at 888.411.1728 (toll free):
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| 1. How does a reverse mortgage differ from a home equity loan? |
| For seniors older than 62 year of age who have equity in their Georgia homes, a reverse mortgage provides tax-free income. During the term of the loan the Georgia homeowner never gives up their title and is never forced to sell the home. The lender makes payments to the homeowner and not the other way around. Even if the lender pays out more money than the amount of equity left in the home, it is at the lenders expense and the homeowner always maintains their rights. |
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| 2. What are the advantages of a reverse mortgage? |
| You will be provided a tax-free income and never lose the title to the property. The loan is repaid only when you move out of the home. You will never owe more than the equity you have in the home. You can never live out the loan. |
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| 3. What will my monthly payments be? |
| This depends on several key factors like age, interest rates, type of loan, how well the home appraises, and how much you owe. |
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| 4. Are there restrictions on how I can you my new income? |
| There are no restrictions on how you spend your money. |
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| 5. Are there multiple ways that I can receive my payments? |
| Yes, you can get a lump sum, equal monthly payments, line of credit (not available in Texas), or a combination of these options. |
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| 6. How old do I need to be? |
| You must be 62 years of age or older qualify. |
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| 7. What is owed when a reverse mortgage loan is repaid? |
| Any principal you collected, interest charges, and service fees (such as closing cost fees) are paid from sale of the house or other assets of the estate once you move out of the home. |
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| 8. What costs and fees can I expect?. |
| You can expect to pay an application fee, origination fee, closing costs, insurance, and a monthly servicing fee. These can be paid upfront at the time of closing to made part of the loan. |
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| 9. Are there any safegaurds to protect me? |
| The federal government has mandated by law protections for seniors who decide a reverse mortgage loan is right for them. The main goal of these safeguards is to guarantee that in Georgia seniors maintain their homeowner rights and that they will not lose their home. These protections are part of the FHA HECM reverse mortgage loan products. For proprietary products the government has put together a set of best practices. |
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Reverse Mortgage Loans Georgia provides all the resources, tools and information to assist you in the process of buying a reverse mortgages. We will help you find a qualified mortgage specialist in your area to educate you. Reverse Mortgage Loans Georgia facilitates matching you with a local brokers for reverse mortgages to ensure a successful loan. We have all the information you need to understand all the questions you may have about a reverse mortgages. For example, did you know that anyone aged 62 or over may meet the requirements to obtain reverse mortgages? Reverse Mortgage Loans Georgia includes articles, frequently asked questions, and blogs with all the Reverse Mortgages questions and answers you can possibly think of. We encourage you to read our privacy policy and terms of use and hope that you enjoy using the Reverse Mortgage Loans Georgia site.
Copyright 2007 HomeXperts, Inc. |
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| Georgia is a state in the Southeastern United States and was one of the original Thirteen Colonies that revolted against British rule in the American Revolution. It was the last of the Thirteen Colonies to be established as a colony, in 1733. It was the fourth state to ratify the United States Constitution, on January 2, 1788. It seceded from the Union on January 21, 1861 and was one of the original seven Confederate states. It was the last state readmitted to the Union, on July 15, 1870. Georgia is one of the fastest-growing states in the United States, with its population increasing from 8,186,453 in 2000 to an estimated 9,072,576 people in 2005. Georgia is also known as the Peach State and the Empire State of the South. The largest city, and capital, is Atlanta. |
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