How Much Money Do I Get?
The amount depends on your age, interest rate, and the appraised value of your home.
The amount of money 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.
With Scott Underwood, “Alabama’s Reverse Mortgage Guy” can meet you at your residence or our local offices, but can usually find a way to meet with someone in the greater Birmingham and Huntsville, AL. 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 money!
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.