Reverse Mortgage in Alabama
For some older homeowners, an FHA-insured reverse mortgage loan can be a great way to make use of home equity to supplement income, pay off the remaining mortgage, or provide a line of credit to draw on when needed. While a conventional mortgage allows you to slowly pay for a property over time, a reverse mortgage allows you to take out some of the equity you have put into your home. At McGowin-King Mortgage, we specialize in helping Alabama seniors determine if a reverse mortgage is a good option for them.
No More Mortgage Payments
You will never have to send another check to the bank for your mortgage. Like any other homeowner, you’re still responsible for paying homeowner’s insurance, taxes, homeowner’s association dues, and basic maintenance. Any money that remains after paying off your mortgage is yours, tax-free.
Heirs Are Protected
It’s a non-recourse loan. This means that when your home is sold to repay the loan, neither you nor your family will be required to pay more than the sales price of the home. The insurance will pay for any shortfall, so long as your home sells for fair market value (at least 95 percent of the current appraised value). That means as long as you live on the property, you don’t have to pay the loan back. The loan is repaid when you move out, sell the house, or pass away. Your heirs are protected!
You may qualify for a reverse mortgage if the property is your primary residence, you are 62 years of age or older, and have at least half of the home’s total value in equity.
A Proven Record
With a combined experience of over half a century in the reverse mortgage business, McGowin-King is the most experienced resource in Alabama. We are Alabama owned and operated, and we take pride in helping Alabama homeowners choose the best option for their financial futures. Not only do we have testimonials from satisfied clients, but we also have an A+ rating from the Better Business Bureau, and we are the most credentialed reverse mortgage broker in Alabama.
Call to Learn More
When you contact McGowin-King Mortgage, you’re getting a direct line to a reverse mortgage specialist and fellow Alabamian. We will gladly come to your home and explain the terms of the reverse mortgage to you and your heirs. Because we’re brokers, we can shop around on your behalf to get the best deal from different companies. We are also available to help after the paperwork has been signed or if your heirs need assistance in the future. A simple phone call can be enough to find out whether you qualify. A reverse mortgage can relieve the strain of tight finances and improve the quality of life for many seniors. Just call to get started. You will not be pressured in any way.