Welcome to  Reverse Mortgage Alabama's website designed to help you give you a resource of Reverse Morgage information. Without pressure.

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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. Reverse Mortgage Alabama to makes the process easier, 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. ** We are educated in the Reverse Mortgage for purchase and working with financial planners to entend your retirement income.

As your direct lender Scott Underwood and New South Mortgage LLC will save you time and money by getting you the best rate - the most equity from your home - and the quickest closing. (Everything is done in Alabama. We do not ship anything to other states accross the US. Please use my calculator to get a full illustration, on the many programs available, as well as up to date information.

Personalized consultations by phone or email at your pace! At your own pace!

 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. Or if you prefer Birmingham/Hoover meeting office is conveniently located just off Hwy 280 in the Eagle Point office park area. Put a face to the name by working local. Call for an appointment or I still make house calls to Greater Birmingham, Alabama as well as Huntsville, Cullman, and Montgomery. Gulf Shores, Mobile, & Orange Beach.

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. AlabamaReverseMortgage.com, Scott Underwood, and New South Mortgage adhere to NRMLA’s code of ethics. We are completely confidential. Full privacy. Not a lead company. Your information is not sold or shared.

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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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