Sherri --
It wasn't uncommon for a soldier to enlist at one place yet have his residence at another. However, I'm curious as to how this soldier could be in both the units you named. Here's why.
The 62nd Georgia Regiment included ten companies, seven from Georgia and three from North Carolina. Your soldier is probably listed with that regiment. On July 11, 1864, Special Order 161 from the Adjutant and Inspector General's Office dissolved the 62nd Georgia Regiment. Its Georgia companies were reassigned to the 8th Georgia Cavalry Regiment, and its North Carolina companies became part of the 16th North Carolina Cavalry Battalion.
If this solider belonged to one of the North Carolina companies, I'd expect your soldier to be in the North Carolina cavalry battalion. If he enlisted in one of the Georgia companies, he should have gone to the Georgia cavalry regiment. A soldier can't be in two units at the same time.
On a different topic, you may want to check the 1860 census to see if he lived in Wayne County NC at that time.