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Showing 2 reverse mortgage specialists in Semmes, AL
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Kyri Patterson - The Mortgage Lady
3558 Oak Tree Dr, Semmes, AL 36575
(251) 379-1071
kyripthemortgagelady.com
What Does a Reverse Mortgage Specialist in Semmes Cost?
Typical costs for a reverse mortgage specialist in Alabama include an origination fee of up to 2 percent of the home value, a mortgage insurance premium of 2 percent of the appraised value, and third-party fees for appraisal title and recording. Total closing costs often range from 3000 to 8000 dollars depending on the home value and loan type. 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 age requirements for a reverse mortgage in Semmes Alabama?
Borrowers must be at least 62 years old. The youngest spouse on the title must meet this age requirement. Alabama law follows federal HUD guidelines for age eligibility.
Do I need to own my home free and clear to get a reverse mortgage in Semmes?
No, you can have an existing mortgage. The reverse mortgage must pay off any current mortgage balance first. Alabama law does not require full home equity before applying.
What happens to the reverse mortgage when the borrower dies in Alabama?
The loan becomes due. Heirs can repay the loan or sell the home to settle the debt. Alabama law gives heirs up to 12 months to decide after receiving the notice of default.