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Find Reverse Mortgage Specialists in Pell City, AL
Looking for a reverse mortgage specialist in Pell City? Review the directory below to compare your options.
2 agents listed
Updated May 2026
Pell City, AL
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 Alabama before hiring.
Showing 2 reverse mortgage specialists in Pell City, 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.
Hennessey Home Lending
1000 Bruce Etheredge Pkwy, Pell City, AL 35128
8602106065
Teresa Carden / Classic Home Mortgage
2600 Mays Dr b, Pell City, AL 35128
2054050603
Reverse mortgage specialists in Pell City, Alabama help homeowners aged 62 and older convert part of their home equity into tax-free funds without monthly mortgage payments. Alabama law requires borrowers to complete a counseling session with a HUD-approved counselor before obtaining a Home Equity Conversion Mortgage (HECM). Pell City residents can use these funds for home repairs, medical expenses, or supplementing retirement income while continuing to own and live in their homes.
What Does a Reverse Mortgage Specialist in Pell City Cost?
Typical costs for a reverse mortgage in Alabama include an origination fee (up to $6,000 or 2% of the home value, whichever is less), a mortgage insurance premium (2% of the appraised value upfront plus 0.5% annually), appraisal fees ($400 to $800), and closing costs ($1,000 to $3,000). Total costs for a $200,000 home could range from $8,000 to $12,000, but these are often rolled into the loan balance. 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 Pell City Alabama?
Borrowers must be at least 62 years old and own their home outright or have a low mortgage balance. The home must be the primary residence and meet FHA property standards. Alabama does not have state-specific age or income limits beyond federal HECM rules.
How does Alabama law affect reverse mortgage proceeds and taxes?
Reverse mortgage proceeds are not considered taxable income in Alabama or for federal taxes. However, the loan must still be repaid when the borrower moves out, sells the home, or passes away. Alabama homestead exemption rules may still apply to property taxes after the loan is taken.
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About Our Listings
Brokers listed on BeforeMortgageUSA.com are compiled from publicly available directories, state mortgage licensing authority records, and business listings. Inclusion does not constitute endorsement. We do not verify broker licensing, disciplinary status, or qualifications. Verify each broker's current standing with the Alabama.