In 2024, there were 10 active reverse mortgage loans in Franklin County, Alabama. The average home value in Franklin County is $211,155.90.

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

Located in the state of Alabama, Franklin County is known for its picturesque landscapes and rich history. With a population of over 31,000 residents, the county enjoys a mild climate, making it an ideal place to live for those who appreciate the outdoors. Franklin County is nestled in the foothills of the Appalachian Mountains, offering stunning views and plenty of opportunities for outdoor activities such as hiking, fishing, and boating. Historically, Franklin County has played a significant role in Alabama’s development, with several important landmarks and historical sites dotting the area. For seniors looking to tap into the equity of their homes, Franklin County’s average home value of $211,155.90, average property tax of $174.29, and low average interest rate of 0.04857 make it an attractive location for considering a reverse mortgage. This financial tool allows seniors to convert a portion of their home equity into cash, providing them with additional income to support their retirement years.

Reverse Mortgage Loan Origination in Franklin County

Reverse Mortgage Home Values in Franklin County

Reverse Mortgage Interest Rates Franklin County

There are approximately 10 active reverse mortgage loans in Franklin County. The average interest rate in Franklin County is 7.29% for reverse mortgages. The average maximum claim amount (the lesser of the appraisal or lending limit), among reverse mortgage borrowers, in Franklin County was $290,000.00 in 2024.

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

With the average home value of $290,000.00, 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 Franklin 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 Franklin 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 »