Ask Val

July 9, 2010

Reverse Mortgage Alabama

HECM Reverse Mortgage  is a loan against your home that does not have to be repaid as long as you live there.   Using a “Reverse” mortgage, you can turn the value of your home into cash without having to move or repay a loan each month.

To qualify for a “Reverse” Mortgage you do not need income or assets.  You do however need equity in your home.   The money you receive is based on the age of the youngest co-owner.  All owner’s must be at least 62 years of age.  The older a borrower, the more money available.

The homeowner is still responsible for homeowner’s insurance and taxes unless exempt.

If you have questions about a “Reverse” Mortgage please contact Valerie Springer, Sr. Residential Loan Officer  NMLS 198479, Network Funding LP NMLS 2297, 205-995-7283 x 305

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