Alabama Reverse Mortgage
Alabama FHA Reverse Mortgage Information
Reverse mortgage news stories have been popular lately – and as many seniors approach retirement, there are plenty of seniors wondering if a reverse mortgage is right for them. The most popular reverse mortgage program for seniors living in Alabama is the FHA HECM reverse mortgage program – and not only because it is insured by the federal government. Seniors who have a reverse mortgage in Alabama say they like their FHA reverse mortgage because it allows easy access to tax free retirement funds.
Alabama FHA Reverse Mortgage Highlights
- Different payment options include a line of credit, monthly installments or a lump sum
- Never make another mortgage payment as long as you live in the home
- Interest rates for the FHA HECM reverse mortgage program can be variable or fixed
Alabama FHA Reverse Mortgage Program Requirements
In order to qualify for the FHA reverse mortgage program, a senior must meet the following requirements: You must agree to keep the home in good repair, have equity in the home, be at least 62 or older, attend a reverse mortgage counseling session prior to closing and intend on occupying the home as your primary residence. Qualifying for the FHA reverse mortgage program is not difficult as long as you meet the above criteria.
Alabama FHA Reverse Mortgage Program: The First Step
To see if your situation is right for the FHA reverse mortgage program, the first step is to contact a loan officer who helps seniors with Alabama FHA reverse mortgages who can answer any questions that you may have. Speak with an experienced Alabama FHA reverse mortgage loan officer now!
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