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Reverse Mortgages

For seniors 62 years or older, a reverse mortgage can provide life-changing benefits. Whether you choose a monthly payment or a lump sum of cash, a reverse mortgage unlocks the equity in your home and opens up a new source of retirement income that provides relief from financial and emotional stress.  Seniors are living longer and costs of living are going up, and for seniors on a fixed income this spells trouble.  Fortunately our leadership understood this, which is why President Reagan signed the reverse mortgage bill back in 1988.

Reverse mortgages help seniors quality of life, but you need to know that your lender can select from the best reverse loan programs available on the market. McGowin-King is an independent mortgage broker, owned and operated in Alabama, with access to more loan programs than traditional lenders. Plus, we’ve been in the reverse mortgage business — and have done more reverse mortgages – than anyone in Alabama.  Click here to see what others are saying about us.

Just a few things you should know about reverse mortgages:

  • Payment stream is “reversed.” Instead of making payments to a lender, the lender makes a payment to you.
  • Your mortgage is paid off. If there is a balance on your mortgage, it will be paid off and you’ll never make another payment on it again.
  • It’s a “non-recourse” loan. That means as long as you live in 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!
  • Any remaining equity is passed on to you or your family. If there’s equity left in your home after the loan is repaid, you or your heirs will receive it.

Like any major financial decision, it’s important to have all the facts about a reverse mortgage and its pro’s and con’s before moving forward.  A reverse mortgage is not the best option for everyone, and we’ll take the time to learn about your unique situation and goals and help you determine if a reverse mortgage is right for you. There are no hidden fees and you won’t be sold a “bill of goods”.  Like hundreds and hundreds of other Alabamians have, you can trust the straightforward and honest advice you will get from McGowin-King.