Birmingham AL Reverse Mortgage | Scott Underwood | Hoover Reverse Mortgages | Reverse Mortgage Loans in Huntsville|

Scott Underwood "The Reverse Mortgage Guy"
has been exclusive to FHA Reverse Mortgages since 2007! I enjoy educating Alabama homeowners age 62 on how this can improve their retirement. To learn more while visiting my website use my rate and benefit calculator, counseling information, and get answers to common questions needed to completely understand the Federally Insured Home Equity Conversion Mortgage (H.E.C.M.), commonly known as a Reverse Mortgage.

• Learn the 4 Steps to a Reverse Mortgage

• Reverse Mortgage for Purchasing a House

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Reverse Mortgage (HECM) information, education, rates, advise, and in-person service for Birmingham, Anniston, Gadsden, Hoover, Vestavia, Mountain Brook, Homewood, Chelsea, Montevallo, Pelham, Alabaster, Tuscaloosa, Montgomery, Gardendale, Trussville, Cullman, Decatur, and Huntsville Alabama.
BBB A+ rated member of the National Reverse Mortgage Lenders Association (NRMLA)

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.

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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.

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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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