Premier Reverse Mortgage covers the entire state of Georgia, so it doesn’t matter if you are located in Valdosta or Dalton, we can help you! The process of obtaining a reverse mortgage is very similar in each state as both HUD/FHA reverse mortgages are national products, but there are some differences that we will point out below.
Cost of a Reverse Mortgage in Georgia
Georgia is an attorney state, meaning a real estate attorney is required to close a mortgage transaction in this state vs. using a notary. That will typically add to the closing costs, as an attorney is usually compensated more for his/her time than a notary.
The state of Georgia charges intangible taxes on all mortgage transactions. The cost is $3 per thousand of the deeded amount. Unfortunately for reverse mortgages, the deeded amount is 150% of the appraised value or lending limit, whichever is lower. The intangible tax charges can be a significant portion of the reverse mortgage closing costs.
While the larger cities in the state of Georgia, like Atlanta, have typical single-family residences, condos, and town homes, there are also a bunch of smaller, rural communities with manufactured homes. When looking to obtain a reverse mortgage, manufactured homes have very specific guidelines for approval, and require that the appraisal use only manufactured homes as comparable sales.
Wells and Septic Tanks
It is very common in Georgia for a property to have a septic tank vs. being connected to public sewage lines. There are also many homes that are served by well water vs. public water. Both of these are acceptable, but it is important to read the details about wells & septic tanks.
Other Rural Property Considerations
It is not unusual for a property in Georgia to be rural, have a large amount of land, multiple tax parcels, or even multiple buildings on one tax parcel. All of these situations should be explored further before pursuing a reverse mortgage, so read up on the rural property issues.
Premier Reverse Mortgage is located in the city of Atlanta, so we are able to meet with clients all over the state to discuss reverse mortgages. That includes the entire state of Georgia, time permitting. We realize that many customers like to meet in person, so we don’t limit our coverage area. It’s important to us to meet for the application or closing when working with a client in Georgia.