It's helpful to work with reverse mortgage licensed specialists in the area because they understand the real estate environment in your state. Please fill out the form on this page to have a reverse mortgage specialist contact you. And of course, if you have any questions about applying for a reverse mortgage in Idaho, don't hesitate to contact one of our specialists at any time.A reverse mortgage may be a good financial tool if you're living in Idaho and are age 62 or older. Idaho residents similar to you are using reverse mortgages to pay off medical bills and perform home renovations without the financial burden of a monthly mortgage payment.
Why Apply for a Reverse Mortgage?Those seniors residing in Idaho have many reasons to consider a reverse mortgage, or HECM, but realistically it comes down to two deciding factors: enjoying a better quality of life and having financial security. Many seniors live with the stress of financial pressure and all the while, they have the ability to access their homes equity through the reverse mortgage program. A reverse mortgage allows you to access your home equity, as either a line of credit, monthly disbursement, lump sum payment, or some combination of the three. Also known as a home equity conversion mortgage, a reverse mortgage can use your existing equity to pay off your remaining mortgage, with any remaining tax-free money available for your use. Idaho residents are not required to make a payment until they sell the home, no longer live in the home, or pass away.*
Types of Reverse MortgagesIdaho residents can choose from three HECM loan products, which are all insured by the federal government. A fixed term reverse mortgage makes a lump sum disbursement of money once the loan closes, and loan interest rates are locked into the rate at the time of closing. HECM line of credit loans provide a number of disbursement options, including a draw on the line of credit at closing, monthly payments, or a full access to your line of credit when you need it. The third option offered by One Reverse Mortgage is a reverse mortgage for purchase. This loan makes it possible for seniors to purchase a home with no monthly payments, giving borrowers the option to purchase a home suited to their needs or purchase a primary residence closer to family. Whatever type of reverse mortgage you choose, remember that you are still required to maintain the home and pay all property taxes and insurance.
Reverse Mortgage Specialists in IdahoIf you would like more information about a reverse mortgage in Idaho, please fill out the form on this page to have a reverse mortgage specialist contact you.
*Homeowner must still maintain the property and pay homeowners insurance and property taxes to avoid foreclosure.