How Much Money Do I Get? The amount depends on your age, interest rate, and the appraised value of your home.
The amount depends on your age, interest rate, and the appraised value of your home, Alabama has a Reverse Mortgage limit of $625,500! Generally, the more valuable your home is, the older you are, the lower the interest, the more you can borrow. With Scott Underwood, Reverse Mortgage Alabama in Birmingham, Hoover, and Huntsville offices, but can usually find a way to meet with someone in the greater Birmingham area. An example of these places might be from Calera, Mount Olive, and Pell City. We are almost always your best deal, being the only Alabama in house lender. In other words we handle all parts of the Reverse Mortgage in Alabama including disbursing your funds!
Tenure - equal monthly payments as long as at least one borrower lives and continues to occupy the property as a principal residence.
Term – equal monthly payments for a fixed period of 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.
Modified Tenure – combination of line of credit with monthly 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.
Also use our Reverse Mortgage calculator to see how much money you can get.