A couple who recently visited the consultation office asked whether they could add the wife's name to the title, which is currently only in the husband's name, and if they could obtain a reverse mortgage under these circumstances. Such questions arise more often than one might think. In the past, it was common for only one spouse's name to be on the title when purchasing a home, and as time passes, they come to check how the ownership structure affects loan conditions as they approach retirement.

Looking at the housing market in the Atlanta area, Zillow reports that by the end of July 2026, the average home value in Atlanta will be $387,226, which is a 2.4 percent decrease from a year ago. Other data from HouseCanary shows a median price of $435,000, reflecting differences in survey methods and the areas covered. This figure suggests that retirees who have lived in Atlanta for a long time likely have a significant amount of home equity. This equity is what reverse mortgages, particularly the HECM (Home Equity Conversion Mortgage) products backed by the Federal Housing Administration, utilize as collateral.

A reverse mortgage is a structure where homeowners aged 62 and older receive funds from a lender using their home equity as collateral. Unlike a traditional mortgage that requires monthly payments, funds can be received as a lump sum, monthly payments, or a line of credit, and the loan principal and interest are settled when the home is sold, the owner passes away, or the home is no longer used as the primary residence. However, if the title is solely in one spouse's name, caution is warranted. If only one spouse is the borrower and that person passes away first, the surviving spouse may have to leave the home, so it is essential to address the issue of joint ownership or registering as co-borrowers early in the consultation process.

It cannot be emphasized enough that even after obtaining a reverse mortgage, the owner must continue to pay property taxes and homeowners insurance. In Fulton County, the average effective property tax rate is around 1.08 percent, and as of 2025, the county's general fund millage rate is frozen at 8.87 mills for the fourth consecutive year. However, actual bills can be much higher in Atlanta due to additional city and school district taxes. This is also why a financial capability assessment to determine whether the owner can continue to bear these costs is a necessary part of the reverse mortgage application process.

The benefits are clear. Homeowners can secure cash flow for living expenses or medical costs without monthly repayment burdens, and HECM is a non-recourse loan, meaning that if the home value falls below the loan balance later, heirs are not required to pay the difference thanks to the FHA guarantee. However, it must be accepted that over time, home equity decreases, reducing the assets that can be passed on to children, and that initial costs such as origination fees and mortgage insurance premiums are typically higher than those of traditional mortgages. There is also a risk of default if property taxes or insurance premiums cannot continue to be paid.

If you are facing title issues like this couple, it is advisable to revisit these points during the mandatory counseling process with a HUD-approved counseling agency. Counseling usually takes about an hour and can be conducted via phone or video, where the counselor reviews the financial situation and guides comparisons with alternatives like downsizing or home equity lines. In the past, it was sometimes thought that having only one spouse registered as the borrower would not pose significant problems, but now, if a spouse is living together, registering jointly has become a way to reduce potential disputes later. For families who have lived in desirable school districts like Atlanta, it is wise to consider inheritance planning as part of the decision-making process.

As of 2024, Georgia has approximately 1.76 million residents aged 65 and older, making up 15.8 percent of the total population. While this is lower than the national average of 18 percent, the retirement population is steadily increasing, and cases of families in Atlanta, where children have moved out of state, considering reverse mortgages continue to rise. However, this product requires mandatory counseling through a HUD-approved agency before applying, and scams targeting the elderly do exist, so it is advisable not to rush. Matters involving ownership structure or inheritance planning can be discussed thoroughly with spouses and children before making a decision. This article does not constitute investment or legal advice, and it is recommended to consult with professionals before entering into any contracts.