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

Refinance

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

251-625-0444

southchasemort@att.net

www.southchasemortgage.com

 

Conventional, Jumbo, VA, FHA, USDA, Reverse

Purchase or Refinance

New Conforming Loan Limits (Updated)

New Conforming Loan Limits from Southchase Mortgage 12/1/17 (UPDATED)

The Federal Housing Finance Authority (FHFA) announced Tuesday that starting in 2018, Fannie and Freddie will have maximum conforming loan limits of $453,100 for single-unit properties, up from $424,100 in 2017.

We can offer this new Conforming Loan Limit NOW!!

Call for more information.

Penny Phillips, CRMS, CMHS  NMLS 204553

Certified Residential Mortgage Specialist

Certified Military Home specialist

Southchase Mortgage NMLS 193181

2394 Miflin Road, Suite 201A

Foley, AL  36535

 

251-625-0444

 

Email: southchasemort@att.net

Web:  www.southchasemortgage.com

 

Conventional, FHA, USDA, VA, Reverse, Commercial

Purchase or Refinance

New Conforming Loan Limits

New Conforming Loan Limits from Southchase Mortgage 11/29/17

 

The Federal Housing Finance Authority (FHFA) announced yesterday that starting in 2018, Fannie and Freddie will have maximum conforming loan limits of $453,100 for single-unit properties, up from $424,100 in 2017.

Under the Housing and Economic Recovery Act, or HERA, the FHFA must change its loan limits annually based on nationwide home price shifts; because the FHFA’s most recent House Price Index showed a gain of 6.8% between the third quarters of 2016 and 2017, the agency raised the conforming loan limit at the same rate.

FHA and VA are expected to follow suit.

Call now for more information!

Penny Phillips, CRMS, CMHS  NMLS 204553

Certified Residential Mortgage Specialist

Certified Military Home specialist

Southchase Mortgage NMLS 193181

2394 Miflin Road, Suite 201A

Foley, AL  36535

251-625-0444

 

Email: southchasemort@att.net

Web:  www.southchasemortgage.com

 

Conventional, FHA, USDA, VA, Reverse, Commercial

Purchase or Refinance