In 2024, there were 70 active reverse mortgage loans in St. Clair County, Alabama. The average home value in St. Clair County is $315,320.79.

Click here to get a reverse Mortgage Quote in St. Clair 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 St. Clair County

St. Clair County, located in the state of Alabama, is home to a diverse population and moderate climate. Known for its picturesque landscapes and outdoor recreational opportunities, the county boasts a rich history that dates back to early Native American settlements and later European colonization. With an average home value of $315,320.79, residents in St. Clair County enjoy a tranquil lifestyle in a beautiful setting. The average property tax in the county amounts to $1,073.41, making it an affordable place to own property. Additionally, the average interest rate in the area is 0.0407, providing favorable terms for potential homeowners. For seniors in St. Clair County looking to leverage their home equity in retirement, a reverse mortgage can be a valuable financial tool. By allowing homeowners aged 62 and older to convert a portion of their home equity into cash, reverse mortgages enable seniors to access funds for living expenses, healthcare costs, or other financial needs. With the county’s solid property values and reasonable interest rates, seniors in St. Clair County have the opportunity to utilize a reverse mortgage to support their retirement goals and maintain financial stability.

Reverse Mortgage Loan Origination in St. Clair County

Reverse Mortgage Home Values in St. Clair County

Reverse Mortgage Interest Rates St. Clair County

There are approximately 70 active reverse mortgage loans in St. Clair County. The average interest rate in St. Clair County is 7.37% for reverse mortgages. The average maximum claim amount (the lesser of the appraisal or lending limit), among reverse mortgage borrowers, in St. Clair County was $286,428.57 in 2024.

Click here to get a Reverse Mortgage Quote in St. Clair 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 St. Clair County, AL

With the average home value of $286,428.57, 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 St. Clair 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 St. Clair 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 »