Call: (251) 625-0444 /  NMLS 193181
Alabama Purchase, Refinance, and Reverse Mortgages


A Couple of Reverse Mortgage Myths

Myth #1– One of the biggest misconceptions about a Home Equity Conversion Mortgage (HECM) or Reverse Mortgage, is that the borrower is “giving up their home”.  This is categorically not true.  A Reverse Mortgage incurs a lien on the home just like any other loan, with one big exception- Reverse Mortgages are non-recourse loans.  This means that the only collateral for the lender is the property itself.  All contents of the home, as well as all other assets of the borrower are excluded from the loan. The borrower retains full ownership of the home, and is free to sell the home, or refinance the reverse mortgage into a forward mortgage, at any time.

Myth #2- Another misconception is that Reverse Mortgages are an assist for poor people, which is changing.  More and more affluent borrowers with multimillion dollar homes and healthy retirement assets are using Reverse Mortgages as part of their financial and estate planning to enhance their overall quality and enjoyment of life.

Are you or your spouse age 62 or older, and considering a Reverse Mortgage, and would like to speak to a local mortgage expert?

For over 17 years we have been helping Alabamians with forward and reverse mortgages, from Decatur to Gulf Shores, and all points in between.

We will be happy to talk with you, explain how these government-insured loans work, and answer any and all questions you may have.  We can do this over the phone, or if you prefer you are welcome to stop by our office in Foley, AL or we can come to you.  If you decide that this is for you, we will then guide you every step of the way.


Penny Phillips, CRMS NMLS# 204553

Southchase Mortgage NMLS# 193181



Conventional, Jumbo, VA, FHA, USDA, Reverse

Purchase or Refinance