HECM Payment Options
HECM Payment Options are based on your age, interest rate, and the appraised value of your home. Most people are interested in getting rid of their home payment. Read Article
The amount of money then HECM will give depends on your age, interest rate, and the appraised value of your home. Alabama and all 50 states have a Reverse Mortgage limit of $679,650 in 2018! Generally, the more valuable your home is, the older you are, the lower the interest, the more you can borrow the using HECM (home equity conversion mortgage).”
Alabama’s Reverse Mortgage team we can me you at your residence or our local offices in Birmingham, Huntsville, Mobile. We are almost always your best deal, being able to use the top Reverse Mortgage lenders; we do the shopping for you and find the best fit for your individual needs.
Payment Options. The Payment Options can range between lumps sums, line of credit, payments. Let my 12 years exp. work for you. Serving areas near Birmingham, Huntsville, and Mobile. We are local and give personal service.
Tenure - equal monthly payments if at least one borrower lives and continues to occupy the property as a principal residence.
Term – equal monthly payments for a fixed period and set amount of money for months selected.
Line of Credit – unscheduled payments or in installments, at times and in amounts of borrower’s choosing until the line of credit is exhausted. Money grows at the same rate as money used.
Modified Tenure – combination of line of credit with monthly set money amounts payments for as long as the borrower remains in the home.
Modified Term – combination of line of credit with monthly payments for a fixed period of months selected by the borrower.
Call Reverse Mortgage Alabama for your HECM needs (205) 908-2993, (256) 677-9767, or email ReverseMortgageAlabama@gmail.com. In Huntsville call Tonia Owens (256) 679-8538, (205) 378-9421, or email at ReverseMortgageHuntsville@gmail.com.