In 2024, there were 266 active reverse mortgage loans in Madison County, Alabama. The average home value in Madison County is $316,766.82.

Click here to get a reverse Mortgage Quote in Madison 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 Madison County

Madison County is located in the state of Alabama and is known for its dynamic blend of outdoor recreational opportunities, vibrant cultural scene, and rich historical heritage. With a population of approximately 372,909 residents, the county offers a mild climate with hot summers and mild winters, making it an ideal destination for those seeking a balanced lifestyle. Historically, Madison County played a significant role during the Civil War, particularly with the Battle of Huntsville and the emergence of Huntsville as a pivotal center for aerospace technology and innovation. The average home value in Madison County is $316,766.82, with an average property tax of $1,309.94 and an average interest rate of 4.44%. For seniors looking to utilize their home equity, Madison County offers opportunities for reverse mortgages, allowing homeowners aged 62 and older to tap into their home’s value and receive additional income. This financial tool can be beneficial for seniors looking to supplement their retirement income or cover unexpected expenses, providing a flexible and secure option for utilizing their home equity in Madison County.

Reverse Mortgage Loan Origination in Madison County

Reverse Mortgage Home Values in Madison County

Reverse Mortgage Interest Rates Madison County

There are approximately 266 active reverse mortgage loans in Madison County. The average interest rate in Madison County is 7.56% for reverse mortgages. The average maximum claim amount (the lesser of the appraisal or lending limit), among reverse mortgage borrowers, in Madison County was $345,833.33 in 2024.

Click here to get a Reverse Mortgage Quote in Madison 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 Madison County, AL

With the average home value of $345,833.33, 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 Madison 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 Madison 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 »