Here you can get information related to Alabama Reverse Mortgages. Our staff is constantly updating information relevant to Reverse Mortgages in Alabama so check back often and fill out our form below to get a quote today!

Many individuals are considering options with regards to home loans, including Alabama Reverse Mortgage. Any type of loan or mortgage requires careful consideration before a decision is made, and this is no exception. The reverse mortgage option is popular among older individuals and families for several reasons. Any remaining questions should be discussed with a professional.

An Alabama Reverse Mortgage loan does not have to be repaid as long as you reside in the home. There are no monthly payments necessary for this type of loan. It is an FHA program designed for those over the age of 62. Money obtained from these loans can be used for living expenses, or for any other purpose for which the homeowner decides to use it.
 

 
The equity that has built up in a home is actually what determines the amount of the Alabama Reverse Mortgage value, along with the age of the youngest borrower.  The loan becomes due 6 months after the last surviving owner of the home either passes away or moves out of the home. This includes moves due to the need for assisted living. Normally, the estate is sold to then pay back the amount of the mortgage in full.