Reverse Mortgage Lender Birmingham Alabama
Reverse Mortgage Loans Birmingham Alabama
A Birmingham reverse mortgage is a type of loan that allows homeowners 62 and older to turn their home equity into cash. This loan is secured by the homeowner’s home and does not require monthly mortgage payments. The loan must be repaid when the homeowner sells or vacates the property, or earlier under specific conditions, such as failure to pay property taxes, homeowners insurance, or neglect of home maintenance.Types of Reverse Mortgage
There are typically three reverse mortgage types: reverse mortgages with a single purpose, proprietary reverse mortgages, and home equity conversion mortgages (HECM).- The single-purpose reverse mortgage is a government- or non-profit-backed option for accessing home equity for a particular purpose.
Advantages of a single-purpose reverse mortgage:
- Eliminating traditional mortgage payments and accessing home equity while still owning and living in the home.
- Modifying an asset that would otherwise be hard to sell into cash that can be used to pay bills in retirement.
Disadvantages of single-purpose reverse mortgages:
- As time goes on, the amount owed to the lender on the loan balance goes up. The home equity decreases as interest and fees are added to the loan balance each month.
- With a single-purpose reverse mortgage, the money can only be used for the purpose approved by the lender and written into the loan. This limits how the funds can be used.
- A proprietary reverse mortgage is a private mortgage that is not guaranteed by the federal government and is typically issued to borrowers who require more than the HECM maximum.
Advantages of a Proprietary Reverse Mortgage
- Homeowners can use the money from their home equity for anything they want.
- Possible to get more money than with reverse mortgages insured by the government.
- No mortgage fee upfront.
- HECM, or Home Equity Conversion Mortgage, is the most prevalent reverse mortgage type insured and regulated by the U.S. Department of Housing and Urban Development (HUD).
Advantages of a HECM
- No credit score requirements.
- Tax-exempt funds
- No monthly loan payments are due.
- Lenient income requirements.
- The ability to obtain funds based on their home equity.
- Depending on their preferences, homeowners can get cash through a line of credit, modified tenure, etc.
Apply For A Reverse Mortgage With Capital Home Mortgage Birmingham
Capital Home Mortgage Birmingham can help you obtain the funds you need to supplement your retirement income, whether you choose a reverse mortgage or an alternate loan option. As a direct mortgage lender in Birmingham Alabama, we provide the state with the most competitive interest rates and lowest fees. Call (205) 352-1030 to speak with our Reverse Mortgage Specialists. To be approved for a Reverse Mortgage, seniors must attend a counseling session assigned by the Department of Housing and Urban Development “HUD.” This counseling covers how the loan works, the costs associated with setting up the reverse mortgage loan, and its benefits. The loan is adaptable for seniors who don’t want to continue a monthly mortgage payment or for those who want to continue making payments. Birmingham Alabama Reverse Home Mortgages can be used for a purchase or a refinance with or without cash being taken out.Why Birmingham HomeBuyers are Choosing Capital Home Mortgage
Close On Time
Complete Control from Application to Funding
Low Rates & Low Fees
Direct Lender with Competitive Rates & Low Fees
Exceptional Service
7 Day a Week Support Application to Final Mortgage Payment
Birmingham Alabama Mortgage Rates
Have you ever wondered why interests rates are what they are and what determines the final rate? Why borrowers receive different interest rates? Or why rates go up and down? Interest Rates are calculated using several factors.
- Demand for mortgage Securities
- Property securing the mortgage
- occupancy of the property
- Loan to value of the property
- Borrower’s credit worthiness
Birmingham REverse Home Loans
Reverse Mortgage Loans offer seniors options to use their home’s equity for cash or to eliminate payments. Call today to get speak to a Reverse Loan Officer.
- Purchase & Refinance
- Primary Only
- 62 Years or Older
- Required Hud Counseling
- Homeowners Insurance Required
- Must Continue to Pay Taxes
- Meet Required Equity Values
Birmingham Mortgage Programs
Birmingham Home Purchase loans
Looking to Purchase a Birmingham Home?
Looking to Purchase a Home? We have the loan program for you… Call today to speak with a loan officer to discuss your personal mortgage options.
- Primary, 2nd Home, Investment
- Low Rates & Fees, No fee Options
- FHA, VA, USDA, Native American
- Conventional, Jumbo & Renovation
- Manufactured, Construction, Reverse
Birmingham Renovation Home Loans
Looking to Rehab a Birmingham Home?
Want the Charm of an Older Neighborhood? But want a new place or a fresh look? Why not a renovation loan? Purchase the Perfect Home and make it your own.
- Remodel, Renovate or Repairs
- FHA 203K Streamline
- FHA Full Documentation Rehab
- Fannie Mae Homestyle Reno
- Freddie Mac Home Choice Reno
Birmingham FHA Home loans
Great 1st Time Birmingham Homebuyers
FHA Home Loans are great for first time home buyers, buyers with less than perfect credit, or buyers needing less out of pocket. Call today to get started.
- Smaller Down Payments
- Flexible Underwriting Guidelines
- Higher Debt to Income Allowed
- Lower Credit Scores – Down to 500
- Down Payment Gifts Allowed
Birmingham va Home Loans
100% Financing for Birmingham Vets
Proudly Serving Active Duty servicemen and women, as well as, retired and disabled veterans. Call today to speak with a VA loan officer.
- No Mortgage Loan Limits
- Simple Qualifying
- Higher Debt to Income Allowed
- Lower Credit Scores – Down to 500
- Manual Underwriting Allowed
Birmingham Conventional Home loans
Flexibility for Birmingham Homebuyers
Conventional Home Loans are the best option for flexibility of property types and for mortgage loan terms. Call today to get speak to a loan officer.
- Primary, 2nd Home, Investment Properties
- Single and Multi-Family Properties
- Variable Mortgage Insurance Options
- Low Rates & a Variety of Mortgage Terms
- Renovation Programs Available
Birmingham Jumbo Home Loans
Birmingham Non-Confirming Home Loans
Jumbo Home Loans also called Non Conforming Home Loans are great options for buyers needing financing outside of agency limits. Call today.
- Primary & 2nd Homes
- Variety of Mortgage Programs
- Simple Qualifying for Veterans
- Investor Specific Guidelines
- Credit Score Minimums
Birmingham USDA Home loans
100% Rural Birmingham Home Loans
USDA Loans are a great option for families wanting to live outside of the city. Call today to speak with a loan officer to discuss your personal loan options.
- Primary Residences
- No Down Payment Required
- New Manufactured Homes Allowed
- Closing Costs / Repairs Rolled In
- Geographic and Income Limits Apply
Birmingham Native american Home Loans
Birmingham Hud 184 Home Loans
HUD 184 Home Loans are solely for Native American and offer a variety of benefits. Call today to speak with a loan officer to find out more.
- Primary Residence Only
- Manual Underwriting for All Loans
- No Credit Score Requirements
- Tribal Grants Allowed
- Purchase, Refinance, and Renovation
Birmingham Manufactured Home loans
Great Alternative Birmingham Housing
Manufactured Home Loans offer options to purchase an existing residence or build your dream home on your own land. Call today to speak to a Loan Officer.
- Existing Purchase or Refinance
- New Construction
- One Time Close Land/Home Combo
- Lock at Contract
- FHA, VA, USDA, Native American
Birmingham Reverse Mortgage Loans
Your Birmingham Home at Work
Reverse Mortgage Loans offer seniors options to use their home’s equity for cash or to eliminate payments. Call today to get speak to a Reverse Loan Officer.
- Primary Residence Only
- Simple Qualifying – Equity Based
- No Credit Score Requirements
- Minimum Age 62
- Purchase, Refinance, and Cash-Out
Birmingham Non QM Home loans
Making Birmingham Mortgages Possible
Looking for Non Traditional Home Mortgage Loan? Contact a Loan Officer Today to discuss the alternative mortgage options currently available.
- Purchase, Refinance & Cash-out
- Primary, Secondary, Investment Properties
- Full Doc Programs
- Alt Doc Programs
- Corporations OK
Birmingham One Time Close Home Loans
Build Your Birmingham Dream Home
Want to Build? But unsure of what the future looks like? Remove the risk with a One Time Close Construction Loan. Call today to see how a OTC loan works.
- Primary Residences Only
- One Time Close
- Lock Rate at Closing
- Traditional Final Mortgages
- No Payments During Construction
Birmingham Refinance Mortgage loans
Birmingham Rate & Term Refinance
Refinancing can be a hard decision and the payback can sometimes be confusing. Call today and let our Loan Officers walk you through the process.
- Lower Monthly Payment
- Shorten Mortgage Term
- Streamline Options Available
- Appraisal Waivers Allowed
- VA IRRRL’s
Birmingham Cashout Mortgage Loans
Birmingham Equity Mortgage Loans
Cash-Out Mortgage Loans make use of the equity in your home by allowing you to refinance the current mortgage and access this equity to use as you see fit.
- Debt Consolidation
- Investment Opportunities
- Home Improvement
- Dream Vacation
- Higher Education