In 2024, there were 13 active reverse mortgage loans in Clarke County, Alabama. The average home value in Clarke County is $185,509.38.

Click here to get a reverse Mortgage Quote in Clarke County, Alabama

To avoid scams, make sure you are working with a licensed lender in Alabama. South River Mortgage is a fully licensed lender in Alabama. The AL state regulator requires mortgage lenders to be explicitly approved to make loans and hold a license. South River Mortgage proudly holds the Consumer Credit License in AL, and our state license identifier is 23178.  We also maintain active approval with HUD/FHA.

Reverse Mortgage Loans in Clarke County

Clarke County is located in Alabama and is known for its picturesque landscapes and rich history. The county has a population of approximately 24,150 residents and features a mild climate with warm summers and mild winters. Clarke County is renowned for its outdoor recreational activities, historic sites, and cultural heritage. The average home value in Clarke County is 185,509.3846, with an average property tax of 350.005 and an average interest rate of 0.04480769231. Seniors in Clarke County may be interested in exploring reverse mortgages as a way to tap into their home equity for additional financial security in retirement. A reverse mortgage can provide older homeowners with the opportunity to access funds while remaining in their homes, offering a valuable financial tool for seniors in Clarke County.

Reverse Mortgage Loan Origination in Clarke County

Reverse Mortgage Home Values in Clarke County

Reverse Mortgage Interest Rates Clarke County

There are approximately 13 active reverse mortgage loans in Clarke County. The average interest rate in Clarke County is 7.41% for reverse mortgages. The average maximum claim amount (the lesser of the appraisal or lending limit), among reverse mortgage borrowers, in Clarke County was $125,000.00 in 2024.

Click here to get a Reverse Mortgage Quote in Clarke County, Alabama »

Note that our loan origination data will not exactly match FHA’s HECM portfolio snapshot. This discrepancy occurs because FHA’s reports are limited to loans endorsed by FHA (i.e. HECMs only). We use a series of custom data criteria that make it possible to identify all reverse mortgages: HECMs, proprietary, and even single-purpose reverse mortgages.

Jumbo Reverse Mortgage in Clarke County, AL

With the average home value of $125,000.00, you may be wondering about the opportunities for jumbo loans.

The FHA has increased the HECM lending limit to $1,209,750 for 2025. If your property is valued above the HECM lending limit, you may be eligible for additional proceeds through the HomeForLife jumbo reverse mortgage.

Reverse Mortgage Refinance (HECM to HECM) in Clarke County

It might make sense to refinance your reverse mortgage. There are many situations where refinancing could be very beneficial to you:

• You want to get more cash out because your home value has increased substantially
• You want to pay less in interest by obtaining a lower interest rate
• You want to add a loved one to the reverse mortgage

As a bonus, South River Mortgage can sometimes provide multiple benefits at once, depending on the situation. There have been cases where we can help secure a lower interest rate and additional cash. In some cases, we have been able to do all three benefits: lower rate, more cash, and adding a son or daughter onto the mortgage.

South River Mortgage can help you refinance your reverse mortgage. Get a quote today »

Reverse for Purchase (HECM for Purchase) in Clarke County

You can now purchase a home with a reverse mortgage in {county}, AL. The reverse for purchase lets homebuyers purchase the home and get a reverse mortgage in a single transaction. The requirements for a reverse for purchase are very similar to the traditional reverse mortgage program.

Purchasing a home with a reverse mortgage has many benefits:

• No monthly mortgage payment (although you’d still be responsible for property taxes and homeowner’s insurance)
• The home being purchased would meet HUD’s property requirements or minimum property standards (this helps keep the home safe for occupants)

Learn what your down payment would be using our Reverse for Purchase calculator. Or, get pre-approved today »