The Idaho FHA Reverse Mortgage Home Loan, also known as a HECM, it is a loan made to a person age 62 or older. There are no income, credit or health requirements associated with the loan. The amazing thing about the Idaho FHA Reverse Mortgage is that you can take out a lump sum payment (tax free) to yourself or you can have a monthly payment sent to you (tax free) every month or you can have a line of credit set up for when you need it. All of these things without having to make a monthly payment for the rest of the time you occupy the property as your primary residence, for as long as you live. This is what is referred to as an FHA Reverse Mortgage. There are five different payment options outlined below:

Tenure – equal monthly payments as long as at least one borrower lives and continues to occupy the property as a principal residence.

Term – equal monthly payments for a fixed period of months selected.

Line of Credit (LOC) – unscheduled payments or in installments, at times and in an amount of your choosing until the line of credit is exhausted.

Modified Tenure – combination of line of credit plus scheduled monthly payments for as long as you remain in the home.

Modified Term – combination of line of credit plus monthly payments for a fixed period of months selected by the borrower.

There are many Common FHA Reverse Mortgage Questions. The most common question tends to be, does the government own the property after you move out of the home? This common understanding is not true, for example if you were to own a home with an FHA Reverse Mortgage and you move out or pass away. The family (heirs) would be able to sell the house and keep the profits if the amount owed on the property was less than the amount it sold for. Now if the property is worth less than the amount owed to the lender on the property and the home is sold, the home is FHA insured and the government would pay the lender the remaining portion that is owed.

FHA Reverse Mortgages are a great way for senior citizens to free up cashflow enabling them to enjoy a more stress free retirement.With All Idaho FHA Mortgages there are Loan limits for individual counties so check out the Idaho FHA Loan limits to see what the max amounts are in your county. If you or anyone you know would benefit from an FHA Reverse Mortgage please feel free to contact me and I will answer any questions you may have.