Alabama Reverse Mortgage Lenders
All Reverse Mortgage® is headquartered in California and provides lending services around the country. All Reverse began in November 2007 and as the
name implies, the only loan product that All Reverse Mortgage® originates is the residential reverse mortgage loan.
We offer reverse mortgages to Alabama homeowners and our staff has a combined lending experience exceeding 100 years with national mortgage banking
experience on both coasts and points between. Due to this varied direct experience, All Reverse Mortgage® is well positioned to be able to assist borrowers
with all specific needs associated with the reverse mortgage program.
Alabama Reverse Mortgage Facts
||Homeowners Age 62+
||Reverse Mortgages Closed Last 12 Months
||Purchase Reverse Mortgages Closed Last 12 Months
||Lenders in Alabama
||Avg. Home Value
HUD Approved Direct Lender
All Reverse Mortgage® is approved with the Department of Housing and Urban Development (HUD) to originate,
underwrite and close the HUD Home Equity Conversion Mortgage (HECM, or "Heck-um"). The HECM is HUD's acronym for their reverse mortgage loan.
All Reverse Mortgage® originates in Alabama and closes both refinance loans, where borrowers already own their home and are looking
to either pay off their existing loan and have no more monthly mortgage payment, utilize their equity for other purposes if they have no existing loan,
or possibly a combination of both
About All Reverse Mortgage®
The owners and management of All Reverse were part of the team that wrote and sold the first fixed rate jumbo reverse mortgage in 2008 and as such,
have extensive experience in jumbo or proprietary loan programs as well. We are always looking for new products to offer to borrowers of high valued homes
in the higher home priced markets that the HUD HECM may just not serve as well. Jumbo or proprietary programs typically offer lower Principal Limits as they
relate to home values, though, so not all borrowers are best served with the jumbo programs available.
A seasoned originator can readily inform borrowers which program will best suit their needs and the positives and negatives of each so that the borrower
can make an informed decision. It is no longer uncommon anywhere in the country for a market to be a solid HUD HECM market and then within just a short
distance for a niche jumbo market to be located where there is a need for a jumbo program.
Therefore, homeowners aged 62 and above in all markets have seen that the reverse mortgage can be a very solid financial tool and many are now seeking
the reverse mortgage to augment their retirement plans and not so much the mortgage of last resort. Everything from the elimination of existing mortgage payments
to the line of credit that grows make reverse mortgage borrowers understand that this program allows them to utilize their homes to not only live comfortably in their
family home, but to plan for the future as well.
Alabama Lending Limits
As part of the southeastern part of America, Alabama has one of the nation’s longest navigable inland waterways at nearly 1,500 miles.
The state is the 24th most populous state with an estimated population of 4,863,300 in 2016, and 471,458 of those residents are homeowners 62 and older.
During its early history, Alabama suffered economic hardship from roughly the American Civil War through World War II. In the 21st
century, however, the state’s economy is based on the management, automotive, finance, manufacturing, aerospace, mineral extraction, healthcare,
education, retail and technology industries.
Alabama has a variety of different habitats that produce a wide array of flora and fauna. Those habitats include the Tennessee Valley, the
Appalachian Plateau and the Ridge-and-Valley Appalachians. There are many indigenous animal species that call Alabama home, including 62
mammal species, 93 reptile species, 73 amphibian species, approximately 307 native freshwater fish species and 420 bird species.
Tourism is a major part of the state’s economy, as an estimated 20 million tourists visit Alabama each year. Some of the most popular areas for tourism
are the Rocket City of Huntsville, Montgomery, which is the state’s capitol, and the numerous beaches along the Gulf of Mexico on the state’s southern border.
Living in Alabama is relatively inexpensive and home prices have remained fairly steady in recent history. The average home value currently is $126,000 and
values are expected to rise by just 2.4% in the next year.
If you reside in Alabama, All Reverse Mortgage® is here to answer your questions. Access our free calculator to estimate
your reverse mortgage lending limit or call us Toll Free (800) 565-1722