Georgia follows the federal rules
Georgia does not add material state-level requirements to the federal HECM programme. Age 62, principal residence, independent counseling before application, and the federal financial assessment.
Your county decides how much you pay
Georgia is unusual in how much of senior property tax relief is set at the county level rather than the state level. The statewide homestead exemption is modest. The county-level senior exemptions are where the real money is, and they vary enormously.
Several metro Atlanta counties offer a full or near-full exemption from the school tax portion for homeowners over a certain age — often 62 or 65, sometimes income-tested, sometimes not. School tax is typically the largest single component of a Georgia property tax bill, so where this applies it is not a trim, it is a transformation.
Two things follow from that:
- Check your own county's rules specifically. What applies in Cobb is not what applies in DeKalb. A statewide summary will mislead you.
- Exemptions are generally not automatic. They require an application, often by a spring deadline, and turning the qualifying age does not enrol you. A great many eligible Georgia seniors are simply not claiming.
Since unpaid property taxes are the leading cause of reverse mortgage foreclosure, and since this can cut a Georgia bill dramatically, it is worth sorting before you decide how much you need to borrow.
What "enough equity" looks like in Georgia
Georgia values sit near the national middle outside metro Atlanta. The $1,249,125 FHA lending limit rarely binds, so a standard HECM is usually the right product and a jumbo reverse is rarely needed.
On a moderately valued home the upfront costs are a larger share of the proceeds, which makes the how-long-will-you-stay question decisive. Under about five years and the costs will not have earned back. Run your numbers and be honest about the horizon.
Counseling in Georgia
Counseling is required and available by phone from HUD-approved agencies serving Georgia. You may use any HUD-approved agency — we do not choose your counselor and receive no part of the fee. Find one at hud.gov/findacounselor or by calling 1-800-569-4287.
What the session actually covers, and how to get your money's worth from it.
The rest is the same everywhere
Beyond the above, a Georgia reverse mortgage works the way it works nationally. You keep the title. There is no monthly mortgage payment for as long as you live there and meet your obligations. The loan is non-recourse, so neither you nor your heirs can ever owe more than the home sells for. Any existing mortgage is paid off at closing unless you use a second-lien product.
- How a reverse mortgage actually works
- Whether you qualify
- What it costs
- Every option compared, including the ones we do not sell
Licensed in Georgia
Robert Erath, NMLS #297076, is licensed to originate in Georgia through United Mortgage Corp, NMLS #1330. Verify either licence independently at nmlsconsumeraccess.org — you should do that with every originator you speak to, not just this one.
What this estimate is, and what it is not
These figures are an illustration for planning only — not a loan offer, not a commitment to lend, and not a guarantee of what you will receive. Your real numbers depend on a completed appraisal, the expected interest rate on the day your FHA case number is assigned, your existing mortgage payoff, and a HUD financial assessment. A reverse mortgage is a loan that must be repaid, not a government benefit. You remain responsible for property taxes, homeowners insurance and upkeep, and the loan can become due if you stop meeting those obligations.