Georgia Reverse Mortgage Requirements!
To qualify for a Georgia reverse mortgage the borrower must be at least 62 years of age.
There are no minimum income or credit requirements, but there are other requirements and homeowners should make sure that they qualify for the Georgia reverse mortgage loan before they invest significant time or money into the process.
For most Georgia reverse mortgages, the money can be used for any purpose; however, the borrower must pay off any existing mortgage(s) with the proceeds from the Georgia reverse mortgage and, if needed, additional personal funds.
A pending bankruptcy which has not been finalized may, however, slow the process.
Some types of dwellings do not qualify, while others (like mobile homes) have special requirements (such as being on an approved permanent foundation and built after June of 1976) in order to be approved.
Before borrowing, applicants must seek third party financial counseling from a source which is approved by the Department of Housing and Urban Development (HUD).
The counseling is a safeguard for the borrower and his/her family, to make sure the borrower completely understands what a reverse mortgage is and how one is obtained.
More Georgia Reverse Mortgage Loan Information:
Georgia Reverse Mortgage Requirements | Georgia Reverse Mortgage Costs and Interest Rates | When the Georgia Reverse Mortgage Loan Ends | Georgia Reverse Mortgage Proceeds