Best Reverse Mortgage Companies in Atlanta, GA
Finance of America Reverse
As a member of the National Reverse Mortgage Lenders Association (NRMLA), Finance of America Reverse has retailers licensed in 43 states and a wholesale division licensed in 42 states and Puerto Rico. Its goal is to help you optimize your retirement, help ease financial worries and diversify your investments through a reverse mortgage.
American Advisors Group (AAG)
American Advisors Group puts its sole focus on reverse mortgage lending, so it's focused on helping you access your home’s equity.
Magnolia Bank offers personalized service for reverse mortgages and quick closing. Magnolia Bank offers FHA-backed Home Equity Conversion Mortgage and offers various fund distribution schedules.
Express Mortgage & Capital, LLC
Offers a full line of mortgage products, including HECMs. Specializes in finding clients the lowest rates. Complete the free online reverse mortgage qualifier to start comparing loan options.
PierPoint Mortgage Atlanta
Team of reverse mortgage experts helps older adults access home equity. Options include an annuity to guarantee income even if you sell the home.
Alpine Financial Inc.
Focuses on one-on-one customer service. Handles all types of credit situations. Sign up online for the rate tracker tool to get notifications when your selected loan product reaches your target rate.
New American Funding
Provides a full line of mortgage loans, including HECMs. Borrowers are not subject to FICO and DTI requirements. Funds are non-taxable and can be used for any purpose. Choose various disbursement options or refinance an existing HECM.
Direct lender located in Atlanta. Offers a full range of mortgage products. HECMs are tax-free, FHA-insured loans that can be used for any purpose. Call or fill out a form online to talk with a specialist.
Direct lender with many loan options. Speeds up processing and closing times by making its own funding decisions. Personalized, relationship lending.
Reverse Mortgage Costs in Atlanta, GA
Homeowners in Atlanta can borrow up to $970,800, the 2022 HECM maximum nationwide claim amount. This covers most homes in Atlanta. When budgeting for your reverse mortgage costs, remember to account for interest, lender servicing fees, the annual mortgage insurance premium, and other housing expenses like flood insurance or property taxes.
Reverse mortgage origination fees are capped at $6,000. Other fees include servicing, closing costs, mortgage insurance, and interest. Several factors impact the cost of a reverse mortgage in Georgia:
- Borrower age
- Home equity
- Lender fees
- Market interest rates
- Credit history
- Type of loan
The most common type of reverse mortgage is a Home Equity Conversion Mortgage, or HECM, which is backed by the FHA. Many lenders also offer a HECM for purchase option, which allows the borrower to take a reverse mortgage to purchase a new home.
How a Reverse Mortgage Works
You can take out a reverse mortgage on single-family homes, condos, townhomes, certain manufactured homes, and two- to four-unit multi-family homes in which the borrower occupies one unit. Vacation homes, rental homes, and investment properties do not qualify. HECMs also have a lending limit that adjusts annually, but homes over the FHA limit might qualify for a proprietary reverse mortgage from a private lender.
A reverse mortgage allows borrowers to leverage their home equity for cash. Then, they’ll use the money to supplement retirement income, make necessary aging-in-place improvements or home repairs, or reduce their monthly housing expenses. Reverse mortgage holders don’t make monthly payments. Instead, the lender pays the borrower via a monthly disbursement, lump sum payment upfront, a line of credit, or a combination of these payouts.
You can decide how to spend the funds from a reverse mortgage, but if you cannot keep up with property taxes, homeowners insurance, and home maintenance costs, the lender will require you to set aside funds from the loan to cover those expenses.
Atlanta, GA Reverse Mortgage Eligibility Requirements
A reverse mortgage is a good financial tool for Atlanta, GA, retirees 62 and over who:
- Have paid off their homes
- Have significant equity but haven’t hit social security age yet
- Plan to stay in their homes
Almost 45% of Atlanta residents own their homes, according to the U.S. Census. A reverse mortgage could be a sensible choice for borrowers over the age of 62 who own their homes but don’t have a lot of income to meet their needs in retirement. Proceeds from a reverse mortgage can supplement retirement savings or help bridge the gap between early retirement and the onset of social security payments.
However, a reverse mortgage does not make sense for homeowners who plan to sell their homes or move to a retirement community, as the loan becomes due when the home is no longer the borrower’s primary residence. Homeowners who qualify for another type of home equity loan or line of credit won’t need a reverse mortgage.
Before you can apply for a reverse mortgage, you must meet with a reverse mortgage counselor to discuss how the loan works, your qualifications, and the responsibilities you incur when taking out a reverse mortgage.
Atlanta, GA Reverse Mortgage Company Reviews
Express Mortgage & Capital, LLC
Express Mortgage & Capital is an online lender with personalized mortgage solutions for HECM reverse mortgages backed by the FHA. A specialist will help you compare options from various lenders to find the lowest rate. Choose full or partial lump sum, line of credit, monthly payments, or a combination. Reviewers give this company high ratings for extremely professional and helpful loan officers who make the loan process easy and fast.
- Free online qualifier
- Several decision-making tools and calculators
|Express Mortgage & Capital, LLC|
|Address||430 Plasters Ave. NE #100, Atlanta, GA 30324|
|Phone Number||(404) 432-5283|
PierPoint Mortgage Atlanta
PierPoint Mortgage’s Atlanta-based team of reverse mortgage experts specialize in helping seniors access the equity in their homes. Staff will guide you through the process to ensure you’re getting the best rates and the best option for your situation, including loan estimates. Some reverse mortgages also have the option of an annuity to assure continued income to the homeowner even if they sell the home. Reviewers said this company made the reverse mortgage process quick and easy, and loan officers helped them find the best solution for their needs.
- 50+ years of experience
- Mortgage brokers and lenders
|PierPoint Mortgage Atlanta|
|Address||400 W Peachtree St NW #4, Atlanta, GA 30308|
|Phone Number||(470) 300-8811|
Alpine Financial Inc.
Alpine Financial Inc. works with borrowers from all credit backgrounds. This company offers a full range of mortgage products, including reverse mortgages. A loan officer will carefully guide you through the loan process. Sign up for the online rate tracker to get notified when your selected loan product lowers to your desired rate. Customers say this company makes the loan process stress-free and simple. Reviewers gave five stars for prompt communication, knowledgeable staff, and professional advice for complex situations.
- Free, no obligation rate quote
- 100+ reviews on Zillow
|Alpine Financial Inc.|
|Address||2078 Bolton Rd NW, Atlanta, GA 30318|
|Phone Number||(404) 254-2544|
New American Funding – Atlanta, GA
New American Funding offers HECMs with no FICO qualification and no debt-to-income ratios. Borrowers can select from several flexible payment options. Clients consistently give this business five stars for professionalism, prompt service, and competitive rates on many loan options. Reviewers praise loan officers for educating clients about a complex process and streamlining the application with technology.
- Great for low-credit and low-income borrowers
- 2021 Five-Star Retail Lender winner
|New American Funding – Atlanta, GA|
|Address||2727 Paces Ferry Rd SE Building 2, Suite 1500, Atlanta, GA 30339|
|Phone Number||(678) 203-3556|
BrightPath Mortgage is a full-service direct lender headquartered in Atlanta. This company offers various mortgage loans, including HECM reverse mortgages for borrowers 62 and over. Get a quote online, talk to a mortgage specialist, or schedule a time for a one-on-one free consultation. Reviewers stated that BrightPath Mortgage’s closing costs were lower than other lenders. Loan officers earned five stars for excellent customer service, executing a seamless process, and securing great rates. Many clients have used this company multiple times.
- Free one-on-one consultations
- 20+ years of experience
|Address||1200 Ashwood Pkwy #200, Atlanta, GA 30338|
|Phone Number||(888) 222-6003|
EPM is a government-approved direct lender for mortgage loans and conventional and niche loans with multiple options. They focus on personalized service and “relationship lending.” Reviewers said the team of loan officers was very understanding and helpful and provided exceptional service. Others said this company could help when other lenders denied them.
- 50 years of experience
- 24/7 access to personalized loan center
|Address||5 Concourse Pkwy Suite 2250, Atlanta, GA 30328|
|Phone Number||(877) 255-3554|