Alabama Reverse Mortgages

An Alabama reverse mortgage can help you achieve the financial freedom you deserve while living in the state you love.

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How a Reverse Mortgage Works in AL

An Alabama reverse mortgage enables homeowners in the Heart of Dixie to tap into home equity and increase their monthly cash flow without having to sell or vacate the property. Also known as a home equity conversion mortgage (HECM), a reverse mortgage converts a portion of the equity into tax-free loan proceeds. The funds obtained from an AL reverse mortgage can be used as disposable cash and spent however you like, offering benefits such as:
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Supplementing fixed income in retirement
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Deferring Social Security benefits
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Paying for medical bills and expenses
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Helping to afford the cost of living
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Financing home renovations
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Exploring travel, leisure, and hobbies

For a complete breakdown of Alabama reverse mortgages, check out our reverse mortgage guide or reach out to a friendly GoodLife Specialist who can provide the information you’re looking for.

To learn more about the structure of a reverse mortgage in Alabama, download GoodLife’s reverse mortgage guide for additional information.


Reverse Mortgage Qualifications & Requirements

The Alabama reverse mortgage requirements are consistent with those found across the states because the HECM program is government-backed, overseen by the U.S. Dept. of Housing and Urban Development (HUD), and insured through the Federal Housing Administration (FHA). Federal guidelines on reverse mortgage eligibility state that borrowers must:

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Be at least 62 years old
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Own substantial equity in their home
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Live in the property as their primary residence
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Attend a HUD-approved counseling session
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Maintain FHA property standards
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Stay current on financial obligations such as property tax and mortgage insurance

There may be additional factors that impact your eligibility for a reverse mortgage in AL, so contact a GoodLife expert for the most accurate information.

Do you qualify for an Alabama reverse mortgage?


Alabama Reverse Mortgage Calculator

Our reverse mortgage calculator can give you a free estimate of how much home equity you may be able to access to increase your cash flow.


Alabama Reverse Mortgage Process

Homeowners who are looking for a reverse mortgage company in Alabama should turn to GoodLife Home Loans®. We’re the top-rated lender on Trustpilot and we offer the best rates in the industry that can either meet or exceed our competitors’ rates — guaranteed. Our unique business position allows us to handle the entire reverse mortgage application process in-house and move quickly to fund the loan, so you can receive fast access to cash.


We’ll learn about you and your unique goals, and we’ll teach you about the HECM program. Our goal is to improve the lives of others by helping them achieve greater financial freedom, but we’re committing to ensuring this type of loan is the right fit for the right person, at the right time


According to HUD’s guidelines, all applicants must attend an approved counseling session to speak with someone who can go over the information we provide you. They’ll act as an objective third-party and answer any additional questions you may have.


We’ll arrange for a certified appraisal to confirm that your property is safely maintained to FHA standards. The appraiser will also estimate the value of your home to help us determine how much equity we can help you access through loan proceeds.


Upon approval of your application, we expediently originate and fund the loan. You can choose how you would like your money distributed: as a monthly installment, line of credit, or one lump sum.

Reverse Mortgages in AL: FAQs

Which properties in Alabama qualify for a reverse mortgage?

You may qualify for a reverse mortgage in Alabama if you own substantial equity in a single-family home, townhome, FHA-approved condominium, or two- to four-unit property. Note that you must occupy the property as your primary residence, so vacation homes are ineligible.

What if I still have an existing mortgage?

You can still qualify for an AL reverse mortgage, pending that you own substantial equity in the home and meet all eligibility criteria. A portion of the loan proceeds will first be used to pay off your existing mortgage, then you can spend the remaining funds however you like.

Is the interest rate fixed or variable?

Reverse mortgage interest rates can be fixed or variable depending on your preferred method of payment. If you’d like a fixed interest rate, you can receive loan proceeds in one large lump sum. The rate will be determined at the time of close and will never change throughout the lifespan of the loan.

If you’d like to know more about reverse mortgages in Alabama, we can help. Contact a GoodLife Specialist for a free consultation with no pressure to commit. You can also refer to our reverse mortgage FAQ for answers to commonly asked questions.


Download the Reverse Mortgage Guide

Fill out the form to download our comprehensive GoodLife Guide to Reverse Mortgages or call to speak with a GoodLife Specialist!

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