With a reverse mortgage Georgia homeowners use, you borrow from your home's equity and skip monthly mortgage payments. The state makes sure every lender is licensed. The most common choice is a Home Equity Conversion Mortgage, known as a HECM. For homeowners age 62 and above, this loan carries insurance from the Federal Housing Administration. HUD insured 861 HECMs in Georgia over the course of fiscal year 2025. In the period from October 2025 to August 2026, 39 home purchases and 76 refinances were done with a HECM. You can see what you might afford with a HECM for purchase calculator.
Georgia tax relief for older owners: $4,000 and $10,000 homestead exemptions
No matter your state, federal reverse mortgage rules say you must continue paying property taxes and your homeowners insurance. The home also has to be your primary residence, and you're required to keep it in good shape. If you get behind on your property taxes, your loan could go into default. That's what makes local tax relief so important.
Your home's taxable value goes down thanks to a homestead exemption, which is a tax break. Your tax bill comes from the assessed value, which is the dollar figure the county assigns to your property. A $4,000 county property tax break is available to owners 65 and older via the Georgia Department of Revenue homestead exemptions. You and your spouse must have made no more than $10,000 together in the previous year. Income from retirement, pensions and disability doesn't count, up to the highest Social Security benefit.
An additional break on school taxes is open to residents 62 and older. Up to $10,000 of your assessed value is covered if you and your spouse together earn no more than $10,000.
Is there a way to freeze your county property value ahead of the April 1 deadline?
People in Georgia who are 62 or older can receive a floating, inflation-protected county homestead exemption. The total income for you, your spouse and any other household members is limited to $30,000. City and school taxes aren't changed by it. While you live in the home, a local exemption in several Georgia counties holds your assessed valuation at the base year amount. Reach out to your county for the specifics, or look at the state county exemption list.
To be eligible, you need to own the home as of January 1. Get your filing to the county tax commissioner or tax assessor by April 1, the property tax return cutoff. You're allowed to apply during the 45-day window for contesting an assessment as well.
How the Georgia Department of Banking and Finance oversees lenders.
The Georgia Department of Banking and Finance requires an application from residential mortgage lenders, brokers and loan originators, who must also meet licensing criteria. It watches over every licensed reverse mortgage lender in Georgia, plus any firm that ought to hold a license.
You need to mail a written complaint by certified mail to the licensed company. Give them 30 days to get back to you. If the company doesn't respond within 30 days, call the department at (770) 986-1633. Don't throw away your certified mail receipt; it's your proof the letter reached the lender.
Are reverse mortgage alerts for seniors put out by state consumer offices?
You'll find the Georgia Consumer Protection Guide for Older Adults through a link on the state regulator's reverse mortgage page. The handbook, from the Georgia Consumer Protection Division, describes reverse mortgages and other scams that could happen. Give it a careful read before you put your name on any loan forms.
