In 2024, there were 188 active reverse mortgage loans in Shelby County, Alabama. The average home value in Shelby County is $378,394.57.

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

Shelby County, located in the state of Alabama, is a vibrant community known for its rich history and thriving population of 217,702 residents. The county boasts a mild climate with hot summers and mild winters, making it an attractive destination for those seeking a comfortable living environment. Shelby County is renowned for its picturesque landscapes, charming small towns, and close-knit communities, offering a high quality of life for its residents. Historically, Shelby County played a significant role in the Civil Rights Movement, with notable events such as the 1963 Birmingham campaign occurring in the area. As of now, the average home value in Shelby County stands at $378,394.57, with an average property tax of $1,800.51 and an average interest rate of 3.95%. For seniors looking to unlock the equity in their homes, a reverse mortgage could be a beneficial financial solution. By leveraging the equity built up in their homes over the years, seniors in Shelby County can access additional funds to support their retirement lifestyle, medical expenses, or other financial needs.

Reverse Mortgage Loan Origination in Shelby County

Reverse Mortgage Home Values in Shelby County

Reverse Mortgage Interest Rates Shelby County

There are approximately 188 active reverse mortgage loans in Shelby County. The average interest rate in Shelby County is 7.34% for reverse mortgages. The average maximum claim amount (the lesser of the appraisal or lending limit), among reverse mortgage borrowers, in Shelby County was $443,666.67 in 2024.

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

With the average home value of $443,666.67, 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 Shelby 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 Shelby 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 »