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What is a reverse mortgage?
HECM stands for home equity conversion mortgage. Reverse mortgages allow for seniors to release a portion of the home’s equity to eliminate any existing mortgage payments. HECM’s are unique in that there are no monthly mortgage payments required – no other program has this unique feature.
More than 600,000 seniors have taken out a reverse mortgage loan to improve their retirement, your not alone.
Compare HECM loans in Alabama for free with RMLD – Let us find you the best HECM program.
Seniors in AL qualify for a reverse mortgage if…
- they are 62 years of age or older
- own their homes
- have equity available in the property
- can afford to pay for the home’s property taxes and insurance
- have never defaulted on governemnt insured loans
I qualify for the HECM reverse mortgage how does this program improve my retirement?
- improve your retirement qualify by having access to your equity today
- no more mortgage payments while you are living in the home
- interest rates are at all time low’s
- ability to spend the equity as you wish – no restrictions are placed on the funds
- no taxes are applied to the equity you release
“There is no other program which allows seniors to access their home’s equity without having payment in retirement.”
How Does the Reverse Mortgage Work in Alabama?
You have worked hard your entire life to build up your home’s equity, insn’t it time that your home paid you back? Well, FHA (Federal Housing Administration) insures the HECM reverse mortgage which allows you to use your home as a tool to fund your retirement.
Many seniors are still having to pay each month a mortgage payment this is seriously impacting the quality of those seniors retirement. What if you could use all the built up equity in your home to generate a new income source, this would greatly improve the quality of your retirement.
This is what the reverse mortgage program was designed for. Seniors are taking advantage of the low interest rate enviroment and the ability to qualify for a reverse mortgage loan without having income or credit scores to meet. There are no payments to be made (you are only responsible for the property taxes, insurance, and home maintanance expenses). It will cost you $0 to find our your options give us a call today.
Snapshot of Alabama
4.7 M
Population
$85,100
Median Home Value
73%
Home Ownership Rate
73%
Percent Population Over 65
14%
| LOCATION | POPULATION | MED. HOME VALUE | HOME OWNERSHIP RATE | % POPULATION OVER 65 |
|---|---|---|---|---|
| USA | 307,006,550 | $119,600 | 66% | 13% |
| Alabama | 4,708,708 | $85,100 | 73% | 14% |
| Auburn | 51,906 | $138,700 | 41% | 6% |
| Bessemer | 28,416 | $56,500 | 59% | 16% |
| Birmingham | 229,424 | $62,100 | 54% | 14% |
| Decatur | 55,778 | $89,200 | 64% | 13% |
| Dothan | 64,053 | $86,800 | 63% | 15% |
| Florence | 36,721 | $83,300 | 59% | 18% |
| Gadsden | 37,291 | $50,000 | 64% | 20% |
| Homewood | 23,780 | $160,700 | 55% | 11% |
| Hoover | 68,707 | $178,600 | 66% | 11% |
| Huntsville | 168,132 | $97,300 | 62% | 13% |
| Madison | 36,824 | $141,300 | 70% | 6% |
| Mobile | 192,830 | $81,400 | 59% | 14% |
| Montgomery | 201,998 | $86,800 | 62% | 12% |
| Phenix City | 30,067 | $73,000 | 53% | 14% |
| Prattville | 31,119 | $93,400 | 75% | 11% |
| Prichard | 28,151 | $50,100 | 58% | 12% |
| Tuscaloosa | 83,052 | $99,600 | 48% | 12% |
| Vestavia Hills | 31,051 | $205,200 | 78% | 16% |
Local Reverse Mortgage Lenders/Banks/Brokers in Alabama
A
Abbeville · Abernant · Acmar · Adamsville · Addison · Adger · Akron · Alabaster · Alberta · Albertville · Alexander City · Alexandria · Aliceville · Allen · Allgood · Alma · Alpine · Alton · Altoona · Andalusia · Anderson · Annemanie · Anniston · Arab · Ardmore · Ariton · Arley · Arlington · Ashford · Ashland · Ashville · Athens · Atmore · Attalla · Auburn · Auburn University · Autaugaville · Avon · Axis
B
Babbie · Baileyton · Bakerhill · Banks · Bankston · Bay Minette · Bayou La Batre · Bayou Labatre · Bear Creek · Beatrice · Beaverton · Belk · Bellamy · Belle Mina · Bellwood · Benton · Berry · Bessemer · Big Cove · Bigbee · Billingsley · Birmingham · Black · Blountsville · Blue Mountain · Bluff Park · Boaz · Boligee · Bolinger · Bon Air · Bon Secour · Booth · Borden Springs · Boykin · Branchville · Brantley · Bremen · Brent · Brewton · Bridgeport · Brierfield · Brighton · Brilliant · Brookley Field · Brooklyn · Brookside · Brookwood · Brownsboro · Brundidge · Bryant · Bucks · Buhl · Burkville · Burnt Corn · Burnwell · Butler · Bynum
C
Cahaba Heights · Calera · Calvert · Camden · Camp Hill · Campbell · Capshaw · Carbon Hill · Cardiff · Carlton · Carolina · Carrollton · Castleberry · Catherine · Cecil · Cedar Bluff · Center Point · Centre · Centreville · Chancellor · Chapman · Chatom · Chelsea · Cherokee · Chickasaw · Childersburg · Choccolocco · Chunchula · Citronelle · Clanton · Clay · Clayton · Cleveland · Clinton · Clio · Clopton · Cloverdale · Coalburg · Coaling · Coatopa · Coden · Coffee Springs · Coffeeville · Coker · Collinsville · Columbia · Columbiana · Cook Springs · Coosa Pines · Coosada · Cordova · Cottondale · Cottonton · Cottonwood · County Line · Courtland · Cowarts · Coy · Cragford · Crane Hill · Creola · Crestline Heights · Cropwell · Crossville · Cuba · Cullman · Cusseta · Cypress
D
Dadeville · Daleville · Danville · Daphne · Dauphin Island · Daviston · Dawson · Dayton · De Armanville · Deatsville · Decatur · Deer Park · Delmar · Delta · Demopolis · Detroit · Dickinson · Dixiana · Dixons Mills · Docena · Dodge City · Dolomite · Dora · Dothan · Double Springs · Douglas · Dozier · Duncanville · Dutton
E
East Brewton · East Tallassee · Eastaboga · Echola · Eclectic · Edwardsville · Eight Mile · Elba · Elberta · Eldridge · Elkmont · Elmore · Elrod · Emelle · Empire · Ensley · Enterprise · Epes · Equality · Estillfork · Ethelsville · Eufaula · Eutaw · Eva · Evergreen · Excel
F
Fackler · Fairfield · Fairhope · Falkville · Faunsdale · Fayette · Fitzpatrick · Five Points · Flat Rock · Flomaton · Florala · Florence · Foley · Forest Home · Forestdale · Forkland · Fort Davis · Fort Deposit · Fort Mc Clellan · Fort Mitchell · Fort Payne · Fort Rucker · Fosters · Franklin · Frankville · Frisco City · Fruitdale · Fruithurst · Ft McClellan · Fulton · Fultondale · Furman · Fyffe
G
Gadsden · Gainestown · Gainesville · Gallant · Gallion · Gantt · Garden City · Gardendale · Gaylesville · Geneva · Georgiana · Geraldine · Gilbertown · Glen Allen · Glencoe · Glenwood · Good Hope · Goodsprings · Goodwater · Goodway · Gordo · Gordon · Gordonville · Goshen · Grady · Graham · Grand Bay · Grant · Graysville · Green Pond · Greensboro · Greenville · Grove Hill · Groveoak · Gu-Win · Guin · Gulf Shores · Guntersville · Gurley
H
Hackleburg · Haleyville · Hamilton · Hammondville · Hampton Cove · Hanceville · Hardaway · Harpersville · Hartford · Hartselle · Harvest · Hatchechubbee · Havana · Hayden · Hayneville · Hazel Green · Headland · Heath · Heflin · Helena · Henagar · Higdon · Highland Home · Highland Lake · Hillsboro · Hodges · Hokes Bluff · Hollins · Holly Pond · Hollytree · Hollywood · Holy Trinity · Homewood · Honoraville · Hoover · Hope Hull · Horn Hill · Horton · Houston · Hueytown · Huntsville · Hurtsboro · Huxford · Hytop
I
Ider · Indian Springs · Indian Springs Village · Irondale · Irvington
J
Jachin · Jack · Jackson · Jacksons Gap · Jacksonville · Jasper · Jefferson · Jemison · Jones · Joppa
K
Kansas · Kellerman · Kellyton · Kennedy · Kent · Killen · Kimberly · Kinsey · Kinston · Knoxville
L
Laceys Spring · Lafayette · Lake View · Lakeview · Lanett · Langston · Lapine · Lavaca · Lawley · Leeds · Leesburg · Leighton · Lenox · Leroy · Lester · Letohatchee · Level Plains · Lexington · Lillian · Lincoln · Linden · Lineville · Lisman · Little River · Littleville · Livingston · Loachapoka · Lockhart · Locust Fork · Logan · Louisville · Low Peach Tre · Lower Peach Tree · Lowndesboro · Loxley · Luverne · Lynn
M
Madison · Mafb Gun Annx · Magazine · Magnolia · Magnolia Springs · Malcolm · Malvern · Maplesville · Marbury · Margaret · Marion · Marion Junction · Mathews · Maxwell AFB · Maxwell AFB Gunter Annex · Maylene · Mc Calla · Mc Cullough · Mc Intosh · Mc Kenzie · Mc Shan · Mc Williams · McCullough · McKenzie · Meadowbrook · Megargel · Melvin · Mentone · Meridianville · Mexia · Midfield · Midland City · Midway · Millbrook · Millerville · Millport · Millry · Minter · Mobile · Monroeville · Montevallo · Montgomery · Montrose · Moody · Mooresville · Morris · Morvin · Moulton · Moundville · Mount Hope · Mount Meigs · Mount Olive · Mount Vernon · Mountain Brook · Mulga · Munford · Muscadine · Muscle Shoals · Myrtlewood
N
Nanafalia · Natural Bridge · Nauvoo · Nectar · Needham · New Brockton · New Castle · New Hope · New Market · New Site · Newbern · Newell · Newton · Newville · Normal · North Courtland · Northport · Notasulga
O
Oak Grove · Oak Hill · Oakman · Odenville · Ohatchee · Old Memphis · Oneonta · Onycha · Opelika · Opp · Orange Beach · Orrville · Owens Cross Roads · Oxford · Ozark
P
Paint Rock · Palmerdale · Panola · Pansey · Parrish · Pelham · Pell City · Pennington · Perdido · Perdido Beach · Perdue Hill · Perote · Peterman · Peterson · Petrey · Phenix City · Phil Campbell · Pickensville · Piedmont · Pike Road · Pinckard · Pine Apple · Pine Hill · Pine Level · Pine Ridge · Pinson · Pisgah · Pittsview · Plantersville · Pleasant Grove · Point Clear · Powell · Prairie · Prattville · Prichard · Princeton · Providence
Q
Quinton
R
Ragland · Rainbow City · Rainsville · Ralph · Ramer · Ranburne · Randolph · Range · Red Bay · Red Level · Reform · Rehobeth · Remlap · Repton · River Falls · Riverside · Roanoke · Robertsdale · Rockford · Rogersville · Rosa · Russellville · Rutledge · Ryland
S
Safford · Saginaw · Saint Elmo · Saint Florian · Saint Stephens · Salem · Salipta · Saltaire · Samantha · Samson · Sand Rock · Sandrock · Sanford · Saraland · Sardis · Sardis City · Satsuma · Sawyerville · Sayre · Scottsboro · Seale · Section · Selma · Seminole · Semmes · Shannon · Sheffield · Shelby · Shiloh · Shoal Creek · Shorter · Shorterville · Silas · Siluria · Silverhill · Sipsey · Skipperville · Slocomb · Smiths · Smiths Station · Snead · Snow Hill · Somerville · South Vinemont · Southside · Spanish Fort · Spring Garden · Springville · Sprott · Spruce Pine · Stanton · Stapleton · Steele · Sterrett · Stevenson · Stewart · Stockton · Sulligent · Sumiton · Summerdale · Sunflower · Susan Moore · Sweet Water · Sycamore · Sylacauga · Sylvan Springs · Sylvania
T
Talladega · Talladega Springs · Tallassee · Tanner · Taylor · Theodore · Thomaston · Thomasville · Thorsby · Tibbie · Titus · Toney · Town Creek · Townley · Toxey · Trafford · Trenton · Triana · Trinity · Troy · Trussville · Tuscaloosa · Tuscumbia · Tuskegee · Tuskegee Institute · Tyler
U
Union · Union Grove · Union Springs · Uniontown · Uriah
V
Valhermoso Springs · Valley · Valley Grande · Valley Head · Vance · Vandiver · Verbena · Vernon · Vestavia · Vestavia Hills · Vina · Vincent · Vinegar Bend · Vinemont · Vredenburgh
W
Wadley · Wagarville · Waldo · Walker Springs · Walnut Grove · Ward · Warrior · Waterloo · Watson · Wattsville · Waverly · Weaver · Webb · Wedowee · Wellington · Weogufka · West Blocton · West Greene · West Jefferson · West Point · Westover · Wetumpka · Whatley · Whistler · Wilmer · Wilsonville · Wilton · Winfield · Wing · Woodland · Woodstock · Woodville
Y
Yellow Bluff · York
HUD’s list of approved HECM Counselors in Alabama. Counseling is mandatory in all states for those who wish to get a HECM loan.
| HECM Counseling Agency Roster as of 06/05/2013 (5 records were selected, 5 records displayed.) |
| Name | Agency ID | Address | Phone | Web Site |
| CCCS OF CENTRAL ALABAMA | 81615 | SUITE 100 1401 20TH ST S BIRMINGHAM, AL 35205-4913 |
(205) 251-1572 | http://www.gway.org |
| CCCS OF MOBILE | 81453 | MOBILE, AL 36691-1068 PO BOX 91068 MOBILE, AL 36691-1068 |
(251) 602-0011 | http://www.cccsmobile.org |
| COMMUNITY ACTION PARTNERSHIP OF NORTH ALABAMA, INC. | 82231 | 1909 CENTRAL PKWY SW DECATUR, AL 35601-6822 |
(256) 355-7843 | http://www.capna.org |
| HALE EMPOWERMENT AND REVITALIZATION ORGANIZATION (HERO) | 83842 | 1120 MAIN STREET GREENSBORO, AL 36744-1516 |
(334) 624-0842 | http://www.herohousing.org |
| MOBILE HOUSING BOARD | 80204 | 151 S CLAIBORNE ST MOBILE, AL 36602-2323 |
(251) 434-2205 | http://www.mhb.gov |
| CHRISTENSEN FINANCIAL INC 1957 HOOVER CT STE 326 HOOVER, AL 35226 JEFFERSON County |
|||||
| Title II | |||||
| Approval Date: Apr 29, 2009 | [81 Areas Approved for Business] | ||||
| HECM: Yes | Originates 203K: No | ||||
| Telephone: (407) 869-0008 | FAX Number: (407) 869-0018 | ||||
| E-Mail Address: [email protected] | |||||
 DITECH MORTGAGE CORP 525 S RANDOLPH AVE # 4 EUFAULA, AL 36027 BARBOUR County |
|||||
| Title II | |||||
| Approval Date: Jun 03, 2011 | [81 Areas Approved for Business] | ||||
| HECM: Yes | Originates 203K: No | ||||
| Telephone: (866) 480-4715 | FAX Number: (866) 931-7859 | ||||
| E-Mail Address: [email protected] | |||||
FIRSTBANK 3500 BLUE LAKE DR STE 32 VESTAVIA, AL 35243 JEFFERSON County |
|||||
| Title II | |||||
| Approval Date: May 20, 2011 | [81 Areas Approved for Business] | ||||
| HECM: Yes | Originates 203K: No | ||||
| Telephone: (205) 271-1210 | FAX Number: (205) 271-1230 | ||||
| E-Mail Address: [email protected] | |||||
HOMETOWN LENDERS LLC 242 PEACE CHURCH RD WETUMPKA, AL 36093 ELMORE County |
|||||
| Title II | |||||
| Approval Date: Jun 19, 2007 | [81 Areas Approved for Business] | ||||
| HECM: Yes | Originates 203K: No | ||||
| Telephone: (334) 567-4223 | FAX Number: (877) 395-9876 | ||||
| E-Mail Address: [email protected] | |||||
HOMETOWN MORTGAGE SERVICES 5511 HIGHWAY 280 STE 210 BIRMINGHAM, AL 35242 SHELBY County |
|||||
| Title II | |||||
| Approval Date: Jan 10, 2000 | [81 Areas Approved for Business] | ||||
| HECM: Yes | Originates 203K: Yes | ||||
| Telephone: (205) 980-7285 | FAX Number: (205) 980-0618 | ||||
| E-Mail Address: [email protected] | |||||
HOMETOWN MORTGAGE SERVICES 1635 MCFARLAND BLVD N STE 503 TUSCALOOSA, AL 35406 TUSCALOOSA County |
|||||
| Title II | |||||
| Approval Date: Mar 10, 2010 | [81 Areas Approved for Business] | ||||
| HECM: Yes | Originates 203K: No | ||||
| Telephone: (205) 282-4760 | FAX Number: (205) 409-7830 | ||||
| E-Mail Address: [email protected] | |||||
NETWORK FUNDING LP 248 INVERNESS CENTER DR BIRMINGHAM, AL 35242 SHELBY County |
|||||
| Title II | |||||
| Approval Date: Apr 22, 2005 | [81 Areas Approved for Business] | ||||
| HECM: Yes | Originates 203K: No | ||||
| Telephone: (205) 995-7283 | FAX Number: (888) 250-1797 | ||||
| E-Mail Address: [email protected] | |||||
OPEN MORTGAGE LLC 2404 RAINBOW DR GADSDEN, AL 35901 ETOWAH County |
|||||
| Title II | |||||
| Approval Date: Jan 06, 2012 | [81 Areas Approved for Business] | ||||
| HECM: Yes | Originates 203K: No | ||||
| Telephone: (256) 458-3577 | FAX Number: (256) 549-0489 | ||||
| E-Mail Address: [email protected] | |||||
REVERSE MORTGAGE USA, INC 1 PERIMETER PARK S STE 100N BIRMINGHAM, AL 35243 JEFFERSON County |
|||||
| Title II | |||||
| Approval Date: Jun 27, 2011 | [81 Areas Approved for Business] | ||||
| HECM: Yes | Originates 203K: No | ||||
| Telephone: (800) 748-1184 | FAX Number: (512) 342-9609 | ||||
| E-Mail Address: [email protected] | |||||
SOUTHWEST FUNDING LP 1290 MAIN ST STE A DAPHNE, AL 36526 BALDWIN County |
|||||
| Title II | |||||
| Approval Date: Sep 26, 2007 | [81 Areas Approved for Business] | ||||
| HECM: Yes | Originates 203K: No | ||||
| Telephone: (214) 221-5215 | FAX Number: (214) 221-5470 | ||||
| E-Mail Address: [email protected] | |||||