Alabama's #1 Reverse Mortgage
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Lender | Rating | Years in Business | Stars (0-5) | Good Review % | Complaints | BBB |
---|---|---|---|---|---|---|
All Reverse Mortgage, Inc. (ARLO) | A+ | 19 | 4.9/5 | 99% | 0 | Source |
Advisors Mortgage Group | A+ | 24 | 1.6/5 | 33% | 4 | Source |
American Advisors Group (AAG) | A | 19 | 4.7/5 | 94% | 82 | Source |
American Pacific Mortgage | F | 27 | 1.0/5 | 20% | 15 | Source |
Ennkar Inc. | A+ | 13 | 3.6/5 | 73% | 3 | Source |
Fairway Independent Mortgage | A+ | 27 | 4.9/5 | 98% | 43 | Source |
Finance of America Reverse LLC (FAR) | A+ | 20 | 1.5/5 | 31% | 18 | Source |
GoodLife Home Loans | A+ | 11 | 4.4/5 | 88% | 1 | Source |
Guild Mortgage Company (Formerly Cherry Creek LLC) | A+ | 63 | 1.3/5 | 26% | 52 | Source |
HighTechLending Inc | NR | 15 | 3.0/5 | 60% | 1 | Source |
Liberty Home Equity Solutions Inc. | A+ | 20 | 1.00/5 | 20% | 3 | Source |
Longbridge Financial LLC | A+ | 11 | 3.9/5 | 79% | 15 | Source |
Mid America Mortgage Inc. | NR | 65 | 3.0/5 | 60% | 0 | Source |
Moneyhouse | A+ | NA | NA | NA | 0 | Source |
Movement Mortgage, LLC | A+ | 16 | 4.7/5 | 95% | 110 | Source |
Mutual of Omaha Mortgage | A+ | 10 | 4.8/5 | 96% | 60 | Source |
Open Mortgage LLC | A+ | 20 | 2.8/5 | 56% | 1 | Source |
Plaza Home Mortgage Inc | A+ | 23 | 1.8/5 | 36% | 27 | Source |
Smartfi Home Loans | A+ | 4 | NA | NA | 0 | Source |
South River Mortgage, LLC | A+ | 4 | 2.3/5 | 46% | 14 | Source |
The BBB is one of the last review sites that does not accept monetary influence in their ratings or posted reviews.
Alabama Reverse Mortgage Facts
State | Homeowners Age 62+ | Reverse Mortgages Closed Last 12 Months | Purchase Reverse Mortgages Closed Last 12 Months | Lenders in Alabama | Avg. Home Value |
---|---|---|---|---|---|
Alabama | 478,833 | 601 | 13 | 57 | $273,500 |
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. As of Januairy 2023, the average home value currently is $273,500, up 5% fromthis time last year.
Alabama Reverse Mortgage Counseling Agencies
Agency Name | Phone | Agency ID | Address | Languages | Website |
---|---|---|---|---|---|
GATEWAY FINANCIAL FREEDOM/CCCS OF CENTRAL ALABAMA | 205-510-2600 | 81615 | 1401 20th St S BIRMINGHAM, Alabama 35205-4913 | English | www.gway.org |
HALE EMPOWERMENT AND REVITALIZATION ORGANIZATION (HERO) | 334-624-0842 | 83842 | 1120 Main St Greensboro, Alabama 36744-1516 | English | www.herohousing.org/ |
CCCS OF MOBILE | 251-602-0011 | 81453 | 705 Oak Circle Drive East MOBILE, Alabama 36609-4221 | English | www.cccsmobile.org |
MOBILE HOUSING BOARD | 251-434-2205 | 80204 | 151 S Claiborne St Mobile, Alabama 36602-2323 | English | www.mobilehousing.org |
Did you know? Alabama state does not mandate in-person counsleing. Visit our counseling page for a list of phone-based counseling agencies and conduct your required counseling from the comfort of your home.
Additional Resources:
Reversemortgage.org NRMLA Members in Alabama: https://www.reversemortgage.org/Find-a-Lender/state/AL
HUD.GOV Approved Lenders Search: https://www.hud.gov/program_offices/housing/sfh/lender/lenderlist