In 2024, there were 2 active reverse mortgage loans in Russell County, Alabama. The average home value in Russell County is $113,856.00.

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

Russell County, located in the state of Alabama, is home to a population of approximately 58,825 residents. Known for its beautiful natural landscapes and outdoor recreational opportunities, Russell County offers a pleasant climate with mild winters and hot summers, making it an attractive destination for outdoor enthusiasts. With an average home value of $113,856 and property tax of $446.55, Russell County presents affordable housing options for residents. For seniors looking to tap into their home equity, considering a reverse mortgage could be a viable financial option. With an average interest rate of 0.03365, seniors in Russell County may benefit from utilizing a reverse mortgage to access additional funds for living expenses or other financial needs while continuing to reside in their homes. Additionally, the county has a rich historical background, including significant contributions to the Civil War, providing a glimpse into the area’s compelling past.

Reverse Mortgage Loan Origination in Russell County

Reverse Mortgage Home Values in Russell County

Reverse Mortgage Interest Rates Russell County

There are approximately 2 active reverse mortgage loans in Russell County. The average interest rate in Russell County is 7.68% for reverse mortgages. The average maximum claim amount (the lesser of the appraisal or lending limit), among reverse mortgage borrowers, in Russell County was $160,000.00 in 2024.

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

With the average home value of $160,000.00, 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 Russell 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 Russell 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 »