An Idaho FHA Reverse Mortgage Senior Home Loan is a great way for anyone over the age of 62 to enjoy their retirement and not have to stress as much about money. An Idaho Reverse Mortgage frees up the options available for anyone over the age of 62 so they can enjoy the lifestyle they want to live.

Even though they have been around for quite some time, Idaho Reverse Mortgage Loans are gaining in popularity due to the current economic environment. Some seniors can no longer cover their monthly expenses due to investment losses and rising costs.

Idaho FHA Reverse Mortgage HECM loans does not require any form of repayment as long as the home is your principle residence. Lenders recover their principal, plus interest, when the home is sold. The remaining value of the home goes to you or your heirs.

The amount you can borrow depends on your age, the current interest rate, other loan fees, and the appraised value of your home or FHA’s HECM mortgage limit for your area, whichever is less. Generally, the more valuable your home is, the older you are, and the lower the interest rate, the more you can borrow.

According To Wikipedia:

A Idaho reverse mortgage is a loan available to seniors, and is used to release the home equity in the property as one lump sum or multiple payments. The homeowner’s obligation to repay the loan is deferred until the owner dies, the home is sold, or the owner leaves (e.g., into aged care).

In a conventional mortgage the homeowner makes a monthly amortized payment to the lender; after each payment the equity increases within his or her property, and typically after the end of the term (e.g., 30 years) the mortgage has been paid in full and the property is released from the lender.

In a Idaho reverse mortgage, the home owner makes no payments and all interest is added to the lien on the property. If the owner receives monthly payments, or a bulk payment of the available equity percentage for their age, then the debt on the property increases each month.

Reverse Mortgage Highlights:

  • Must be at least 62 years old
  • House must be primary residence
  • Mortgage must be either fully paid or have a small balance
  • No income or credit score requirements
  • Payment can be a lump-sum, monthly cash payout, line of credit held in reserve, or combination of all three
  • In many states you can use proceeds for the purchase of a new home

Idaho Reverse mortgages can be a good alternative for seniors struggling with monthly bills, yet sitting on a significant amount of equity in their homes.

Frequently Asked Idaho Reverse Mortgage Questions:

Q:  Can the lender take my home away if I out live the loan?

No. You do not need to repay the loan as long as you or one of the borrowers continues to live in the house and keeps the taxes and insurance current.

Another safeguard is that the borrower will never owe more than the value of the property at the time it is sold.

Q:  How much money can I get from my Idaho home?

The amount you can borrow depends on your age, the current interest rate, and the appraised value of your home or FHA’s mortgage limits for your area, whichever is less.

Generally, the more valuable your home is, the older you are, the lower the interest, the more you can borrow.

Q: Will I still have an estate that I can leave to my heirs?

When you sell your home, you or your estate will repay the cash you received from the Idaho reverse mortgage plus interest and other fees, to the lender.

The remaining equity in your home, if any, belongs to you or to your heirs.

For more information on Idaho Reverse Mortgages please feel free to contact me.

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*Reverse mortgages are loans offered to homeowners who are 62 or older who have equity in their homes. The loan programs allow borrowers to defer payment on the loans until they pass away, sell the home, or move out. Homeowners, however, remain responsible for the payment of taxes, insurance, maintenance, and other items. Nonpayment of these items can lead to a default under the loan terms and ultimate loss of the home. FHA insured reverse mortgages have an up front and ongoing cost; ask your loan officer for details. These materials are not from, nor approved by HUD, FHA, or any governing agency.