Reverse Mortgage meaning. FHA’s Reverse Mortgage is a special type of home loan that allows a homeowner convert a portion of equity into cash. The equity built up over years of home mortgage payments can be paid to you. But 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*. HUD’s reverse mortgage provides these benefits, and it is federally-insured as well. I have worked with homeowners all of the state of Alabama since early 2007. Please contact me for any information you need on pros and cons, purchase a home with Reverse Mortgage, age requirements, or any thing else on the federally insured Reverse Mortgage program.What’s the difference between a reverse mortgage and a bank home equity loan? How does a reverse mortgage work?
What is a Reverse Mortgage will also be explained to you in person because I explain the application as you sign and it tells the story. Scott Underwood “Alabama’s Reverse Guy”, and the crew at New South Reverse Mortgage Division are a consumer direct Alabama Reverse Mortgage lender offering FHA Reverse Mortgages DIRECTLY to you, the consumer-cutting out the middle man!
Utilizing a secure, state-of- the-art, technology we have created a network of appraisers and title companies across our footprint and in YOUR area that will make your mortgage experience easy.