Important: Listings are compiled from publicly available sources and have not been independently verified by BeforeMortgageUSA.com. We do not endorse any broker or guarantee outcomes. Verify licensing and disciplinary status with the State Mortgage Licensing Authority of Alabama before hiring.
Showing 3 reverse mortgage specialists in Hueytown, AL
Listings are displayed in no particular order and are not ranked by BeforeMortgageUSA. Order does not constitute a recommendation or endorsement of any broker.
Security Finance
833 Allison-Bonnett Memorial Dr, Hueytown, AL 35023
(205) 424-5057
securityfinance.com
What Does a Reverse Mortgage Specialist in Hueytown Cost?
Typical costs for a reverse mortgage in Alabama include an origination fee up to $6,000 a mortgage insurance premium of 2% of the appraised value and third-party fees for appraisal title and recording. Total closing costs usually range from $2,000 to $8,000 but vary by loan size and property location. This is general information not mortgage or financial advice.
* Cost estimates are general ranges based on publicly available data and compiled using automated research tools. Actual fees vary by agent and case complexity. This is not mortgage or financial advice — consult directly with an agent for fee specifics.
Frequently Asked Questions
What are the eligibility requirements for a reverse mortgage in Hueytown Alabama?
You must be at least 62 years old own your home outright or have a low mortgage balance and live in the property as your primary residence. Alabama law also requires you to attend a counseling session with a HUD-approved counselor before you can apply.
How much can I borrow with a reverse mortgage in Hueytown?
The amount depends on your age the appraised value of your home and current interest rates. In Alabama the maximum claim amount for an FHA reverse mortgage is $1,089,300 as of 2024. A specialist can calculate your specific loan amount.
Are reverse mortgage proceeds taxable in Alabama?
No reverse mortgage proceeds are not considered income by the IRS or the state of Alabama. They are loan advances and are tax-free. However interest on the loan is not deductible until you pay it back.