Nationally Recognized and Local Loan Providers
Reverse mortgages may benefit Alabama seniors particularly those that have little or no income, but whose homes hold significant equity. A reverse mortgage lets seniors create a cash flow or generate a lump sum payment based directly on the amount of home equity they’ve accumulated. But there’s more: a reverse mortgage lets borrowers live in their homes for the remainder of their lives if necessary, no payments and no credit check. Borrowers keep their home’s title with no risk of foreclosure.
HUD Reverse Mortgages in Alabama
By far the most popular reverse mortgage is the FHA or HUD Home Equity Conversion Mortgage (HECM). Most Alabama borrowers qualify for this product. If you are considering a federally insured HECM make sure you consult a HUD-approved lender.
FHA mortgage lending rates are consistent across most Alabama counties.
Property Tax Deferral (PTD) Programs—Low Cost and Special Purpose Reverse Mortgages
In two-dozen states a formal property tax deferral program—sometimes considered a low-cost or single purpose reverse mortgage—is standardized. Alabama is not one of them, but residents also have one of the lower property tax bases in the country. Alabama PTDs may be available on a local basis to select low-income senior homeowners.
Reverse Mortgage Providers in Alabama
If you are a senior homeowner and reside in Alabama find out if you qualify for a reverse mortgage. Live in your own home free and clear for the rest of your life and never pay a penny against the reverse mortgage. Here are a few of the leading reverse mortgage lenders in your state.
EverBank Reverse Mortgage
Alabama senior homeowners, EverBank Reverse Mortgage offers you three financial options: Fannie Mae Home Keeper, the FHA Home Equity Conversion Mortgage (HECM), and a private Reverse Select loan. EverBanks’ Reverse Select product is designed as a jumbo reverse mortgage and is available in both fixed and variable interest rate versions.
Financial Freedom
Financial Freedom is one of the top reverse mortgage originators in the country with offices in Alabama. You’ll find three quite distinctive reverse mortgage products available: the federally-insured Home Equity Conversion Mortgage, Fannie Mae’s Home Keeper loan and Financial Freedom’s own private Cash Account Advantage Plan. This last option is designed as a jumbo loan and is particularly well suited to seniors with high value homes. Another unique feature is the optional Equity Choice add-on, a slightly different version of the loan that lets borrowers secure a certain percentage of their home’s equity—important if you are leaving your home to heirs.
McGowin and King Mortgage
An Alabama institution, McGowin and King specifically serves local residents and specializes in both mortgages and reverse mortgages. Looking for a federally insured Home Equity Conversion Mortgage or a VA loan? McGowin and King provide HECMs as well as jumbo reverse loans, depending upon your financial situation. The company places a high value on mortgage advising prior to planning.
Wells Fargo
Wells Fargo is most well known among retail banks and is one of the leading lenders in the country. Alabama homeowners shopping for reverse mortgages will discover this reputable national chain provides the federally insured Home Equity Conversion Mortgage, approved through HUD, as well as the Fannie Mae Home Keeper loan, another nationally recognized product.