Welcome to Reverse Mortgage Alabama's website with educational information for you on all aspects of Reverse Mortgages.    Click to read current National News.

 

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Working with an experienced Reverse Mortgage Specialist like Scott Underwood can benefit you. Scott is committed to helping seniors and their loved ones fully understand the NEW Safer Reverse Mortgage. Offices are in Birmingham / Hoover, Huntsville, and if need house calls to all places in between such as Anniston, Gadsden, Gulf Shores / Orange Beach Alabama. Scott aims to make the process easy, more personal, and fast! A Reverse Mortgage loan is designed especially for seniors, age 62 and older to gain access to equity in their home for current use, with no monthly payments for as long as you live in the home.

Scott is educated in working with Realtors using the Reverse Mortgage for Purchase (Read Wall Street Journal Aricle) and working with Financial Planners to extend your retirement income.


Scott Underwood, Reverse Mortgage Alabama, New South Reverse Mortgage will save you time and money. ASK SCOTT for a 2nd opinion!! Everything is done in Alabama, so our costs are lower and closings come in under a month.
 


Call for an appointment in office or in home. Put a face to the name by working local. Answer a few questions, and Scott will educate you on the pros, cons, benefits, interest rates, advantages, disadvantages, financial planning, and the financial assessment; which is part of the new Reverse Mortgage. You will receive Reverse Mortgage quotes on several of the NEW Safer Reverse Mortgage programs. 


Scott is local which means more than you think, please don’t discount having someone sit face to face, explain what you are signing, and be accountable for what they are telling you. Also answer the phone when you have a question. BBB A+ accredited. ReverseMortgageAlabama.com and Scott Underwood, and  adhere to NRMLA’s code of ethics. We are completely confidential. Full privacy. Not a lead company. Your information is not sold or shared.

I cover the entire state of Alabama, click for my Birmingam Reverse Mortgages site!

 
 
 
 
 
Find the solution that fits your needs.

Reverse Mortgages

A reverse mortgage is a home loan that lets homeowners convert a portion of the equity in their home into cash. The equity built up over years of mortgage payments can be paid to you. Unlike a traditional home equity loan or second mortgage, no repayment is required until the borrower(s) no longer use the home as their principal residence.

 

Am I Eligible?

To be eligible for a HUD reverse mortgage, HUD's Federal Housing Administration (FHA) requires that the borrower is a homeowner, 62 years of age or older; own your home outright, or have a low mortgage balance that can be paid off at the closing with proceeds from the reverse loan; and must live in the home.

 

How Much Do I Get?

The amount you can borrow depends on your age, the current interest rate, and the appraised value of your home or FHA's mortgage limits for your area, whichever is less. Generally, the more valuable your home is, the older you are, the lower the interest, the more you can borrow.

 
 

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