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Showing 2 reverse mortgage specialists in Pell City, AL
Listings are displayed in no particular order and are not ranked by BeforeMortgageUSA. Order does not constitute a recommendation or endorsement of any broker.
Hennessey Home Lending
1000 Bruce Etheredge Pkwy, Pell City, AL 35128
(860) 210-6065
hennesseyhomelending.com
Teresa Carden / Classic Home Mortgage
2600 Mays Dr b, Pell City, AL 35128
(205) 405-0603
fundinghomedreams.com
What Does a Reverse Mortgage Specialist in Pell City Cost?
Typical costs for a reverse mortgage in Alabama include an origination fee (up to $6,000 or 2% of the home value, whichever is less), a mortgage insurance premium (2% of the appraised value upfront plus 0.5% annually), appraisal fees ($400 to $800), and closing costs ($1,000 to $3,000). Total costs for a $200,000 home could range from $8,000 to $12,000, but these are often rolled into the loan balance. This is general information, not mortgage or financial advice.
* Cost estimates are general ranges based on publicly available data and compiled using automated research tools. Actual fees vary by agent and case complexity. This is not mortgage or financial advice — consult directly with an agent for fee specifics.
Frequently Asked Questions
What are the eligibility requirements for a reverse mortgage in Pell City Alabama?
Borrowers must be at least 62 years old and own their home outright or have a low mortgage balance. The home must be the primary residence and meet FHA property standards. Alabama does not have state-specific age or income limits beyond federal HECM rules.
How does Alabama law affect reverse mortgage proceeds and taxes?
Reverse mortgage proceeds are not considered taxable income in Alabama or for federal taxes. However, the loan must still be repaid when the borrower moves out, sells the home, or passes away. Alabama homestead exemption rules may still apply to property taxes after the loan is taken.