Find Out How to Squeeze Equity Out of Your Alaska Residence

If you reside in Alaska and are over the age of 62, find out which lenders may help you explore your options for a reverse mortgage. With equity payments you may make home improvements, pay off high interest debt, supplement your income or create an income, and much more. Reverse mortgages allow you to continue living in your home, require no credit check, and no payments.

Most Popular Alaska Reverse Mortgage Loans

By far the most popular reverse mortgage is the HUD Home Equity Conversion Mortgage (HECM). Over 90% of all seniors with a reverse mortgage hold a HECM. Visit the HUD website for up to date information on the HECM and for a current list of HUD approved lenders—simply choose your state from the dropdown menu and click the radio button next to “HECM” then hit SEARCH. Never pay a third-party for this FREE information.

How you qualify for the HECM is dependent upon a couple of factors, including your home’s value in your local market compared to the FHA mortgage limit for your county of residence. In Alaska the FHA mortgage limit set by county varies considerably, based on area home values. This is beneficial for homeowners with higher value homes.

Equity Appreciation in Alaska

Alaska is one of the more reliable real estate markets and has even reported an above average home appreciation.* This news is good for both new homebuyers as well as those refinancing and even for seniors with reverse mortgages.

Reverse Mortgage Providers in Alaska

Below are listed a few of the more popular reverse mortgage lenders in Alaska.

Allied Home Mortgage Capital Corporation

Allied Home Mortgage Capital Corporation has locations across the country, including Alaska, and continues to expand to serve a growing mortgage and reverse mortgage business. The company is just one of many HUD-approved lenders and originates many federally insured Home Equity Conversion Mortgages annually.

Countrywide Bank

In 2007 Countrywide Home Loans forged a lucrative partnership with Countrywide Bank, which made reverse mortgages immediately accessible to all Countrywide customers. Now one of the leading mortgage providers in the nation also offers a number of affordable, even fee-free reverse mortgage, “cash-out” refinance and home equity products. Countrywide Bank is a HUD-approved lender.

Financial Freedom

Financial Freedom is recognized as one of the higher volume reverse loan providers in the country. You’ll find the FHA Home Equity Conversion Mortgage, but the company caters to homeowners in high-value real estate with a jumbo reverse mortgage called Cash Account Advantage. This product raises the lending limits that are imposed on the federally insured Home Equity Conversion Mortgage (HECM). An additional feature is the Equity Choice option that allows you to save in reserve a percentage of your home’s equity, especially advantageous if you plan on passing your home onto surviving heirs.

* Jim Crawford, “Realtor: Sunny days are ahead for the Alaska economy,” April 28, 2008.