Payment Options are based 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 office in Birmingham. We are almost always your best deal, being a broker for 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 Hoover, Vestavia, and the greater Birmingham area.
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 Scott Underwood for your Reverse Mortgage needs in Birmingham, Vestavia, Hoover, call (205) 908-2993 email ReverseMortgageAlabama@gmail.com.