In Georgia, a reverse mortgage allows a homeowner who is above the age of 62 to borrow against the value of their home. Unlike a typical mortgage, a reverse mortgage doesn’t require the homeowner to make loan payments. Instead, the entire loan balance is due when the borrower dies, moves or sells the home.
In a situation where one spouse is younger than 62 years old, the couple can still get a reverse mortgage. The homeowner over 62 years old would need to borrower. If the borrower passes away, the surviving spouse may continue to live in the house should they choose to do so. The surviving spouse would continue without mortgage payments but would not have access to any further funds from the reverse mortgage if there was a line of credit. The good news is that the lender can’t foreclose on a surviving spouse if the borrower was married at the time of the reverse mortgage, even if that spouse didn’t qualify for the reverse mortgage.
If a reverse mortgage is something you’re considering for yourself or a family member, be sure to choose a closing attorney with extensive experience with that kind of loan. A reverse mortgage is handled quite differently from a conventional loan.