Business Details
About
Reverse Mortgages
Established in 2007, Reverse Mortgage Alabama helps homeowners aged 62 and older unlock the equity in their homes through federally insured HECM loans. These loans provide financial options for retirees, including supplementing income, eliminating existing mortgages, or allowing loved ones to age comfortably at home. ****Please call first for an appointment I am usually out in the field************ Phone call welcome anytime.
Location
Hours
Frequently Asked Questions About Reverse Mortgage Alabama
How much do I need for a down payment on a mortgage?
Most lenders require at least 3-20% of the home's price. Programs are available with lower down payment options if you qualify. Reverse Mortgages are for homeowners age 62 to borrow some of your homes equity to help pay bills, eliminate a house payment, or just make it thru this interest / high priced living.
What credit score do I need to qualify for a mortgage?
Typically, a credit score of 620 or higher is needed, but certain programs may accept lower scores. Higher scores may offer better rates.
You can do a cash out refinance or you are able
Options include refinancing for a better rate, extending the loan term, or removing private mortgage insurance (PMI) if possible.
Can I get a mortgage if I’m self-employed? Yes, I may take more documentation. I have had 5 homes and I; along with other 1099 people have been able to buy homes.
It al depends what type of mortgage you are looking for.
What’s the difference between pre-qualified and pre-approved?
Pre-qualification is an estimate of what you could borrow, while pre-approval is a more thorough review that gives you a specific loan amount.
How does a reverse mortgage work for seniors?
A reverse mortgage allows homeowners aged 62+ to convert home equity into cash without monthly mortgage payments.
What are the eligibility requirements for a reverse mortgage?*
Eligibility criteria include age, home ownership, sufficient equity, and completion of mandatory counseling.
What are the operating hours of Reverse Mortgage Alabama?
Reverse Mortgage Alabama is open Monday through Friday from 8:00 AM to 5:00 PM, and is closed on Saturdays and Sundays.
What services does Reverse Mortgage Alabama provide?
They help homeowners aged 62 and older unlock the equity in their homes through federally insured HECM reverse mortgage loans to supplement income, eliminate mortgages, or help loved ones age comfortably at home.
How can I contact Reverse Mortgage Alabama to make an appointment?
You can call them at +1 205-908-2993 or email scott@reversemortgagealabama.com. Please call first as the agent is often out in the field.
What is a reverse mortgage and how does it work for seniors?
A reverse mortgage allows homeowners aged 62 or older to convert home equity into cash without monthly mortgage payments, providing financial flexibility in retirement.
What credit score is generally needed to qualify for a mortgage through Reverse Mortgage Alabama?
Typically, a credit score of 620 or higher is needed, although some programs may accept lower scores with varying rates.
Can self-employed individuals qualify for a mortgage with Reverse Mortgage Alabama?
Yes, self-employed individuals can qualify but may need to provide more documentation depending on the type of mortgage they seek.
What is the difference between pre-qualified and pre-approved mortgages?
Pre-qualification is an estimate of your borrowing capacity, while pre-approval is a detailed assessment that provides a specific loan amount.
What nearby businesses related to mortgages and financial services are close to Reverse Mortgage Alabama?
Nearby are SMG Mortgage, another mortgage broker, and Apex Financial Group, which offers financial services. They may provide complementary services if you need additional mortgage or financial advice.
Are there any recreational places near Reverse Mortgage Alabama for clients to visit?
Yes, Alan Sims Golf offers golf lessons nearby, a great option for clients to relax or enjoy before or after their appointment.
What accommodations are available near Reverse Mortgage Alabama for clients traveling from out of town?
The Hampton Inn and Suites Birmingham/280 East-Eagle Point hotel is nearby, providing convenient lodging options for visiting clients.