It's helpful to work with reverse mortgage licensed specialists in the area because they understand the real estate environment in your state. Please fill out the form on this page to have a reverse mortgage specialist contact you. And of course, if you have any questions about applying for a reverse mortgage in Alabama, don't hesitate to contact one of our specialists at any time.The FHA insures all home equity conversion mortgages, so whichever state you reside in, you will be able to find licensed specialists that offer reverse mortgages. Alabama is no exception. Consider your reasons for applying for a reverse mortgage and if it is a good financial decision for you, then why not apply?
Cost of LivingLiving on a limited income in any state can be difficult, especially if you are still having to make mortgage payments. While you're living on a limited budget, the wealth you so wisely invested in your home's equity just sits there, doing nothing. A reverse mortgage allows you to access the equity in your home. Alabama state residents may qualify for multiple reverse mortgages including fixed or adjustable programs, which allow them to use their equity to pay off their mortgage and enjoy their retirement. While you are living in your home, there are no interest payments or loan payments due - the loan only comes due when you move, sell the property, or pass away.* You maintain ownership of the home, and must continue to pay property taxes, insurance fees, and home maintenance costs. When the loan comes due, you (or your heirs) have the option of selling the home or, if your heirs wish to keep the property, refinancing the loan as a traditional mortgage.
Alabama is Where the Kids Live, Not MeIf your family lives in Alabama and you don't, you may want to move to be closer to them. We may help thanks to the reverse mortgage for purchase program. Seniors who qualify for reverse mortgage for purchase can use the loan to purchase a home anywhere in the country. And just like the other reverse mortgage programs, a reverse mortgage for purchase only becomes due when you sell the home, move out of the home, or pass away. This home must be your primary residence, secondary homes do not apply for reverse mortgages.
Reverse Mortgage Licensed SpecialistsPlease fill out the form on this page to have a reverse mortgage specialist contact you. One of our reverse mortgage specialists will be happy to assist you if you have any questions.
*Homeowner must still maintain the property and pay homeowners insurance and property taxes to avoid foreclosure.