Idaho Reverse Mortgage

If you’re a senior in Idaho, you have a unique opportunity to secure a steady stream of retirement income for yourself.   An Idaho reverse mortgage can provide you with the funds you need to keep up a healthy lifestyle without leaving or selling your home.

Reverse Mortgage Idaho Information

Reverse mortgages are funded through your own home equity, leaving you debt free and financially independent during the best years of your life.  You must be older than 62 in order to take advantage of this loan type.  You must own a home and have some equity stored in it.  But if you meet these qualifications, there’s nothing that will keep you from getting one of the best reverse mortgages in Idaho.

The funds you receive from your reverse mortgage can be spent in any way that you choose.  It’s your money, after all.  You have the freedom to do with it as you please.  Most seniors choose to spend their reverse mortgage money on medical expenses, vacations, other debt, or simply day to day living.  You can use it to pay off your current mortgage and to make a down payment on a new home, if you want.  The choices are entirely up to you.  There is ample reverse mortgage information available on the internet and through our network of mortgage lenders to help you decide what financial arrangement is best for you.

You can elect to receive your funds in a number of ways.

• You can receive it all at once, as a lump sum payment.
• You can receive a set portion of it each month as a steady income stream.
• You can spend it as you need it through a credit line.

If none of these is appealing, you can arrange your own method with your lender.  Reverse mortgages are highly customizable.

Your lender takes over the ownership of your home equity when you take out a reverse mortgage, but he or she will never own your home.  You won’t have to leave your home unless you want to, and you won’t have to pay back your mortgage at all unless you want to move to a new home.  You’ll never have to make another mortgage payment for the rest of your life.

When you pass away, whoever inherits your home will also inherit the debt.  He or she can either sell the home and use the proceeds to pay off the reverse mortgage or refinance the reverse mortgage into a standard mortgage and pay it off over time while living in the home.  The government has mandated that lenders cannot collect more debt than what the home sells for, which ensures that your heirs won’t be stuck with your debt when you pass away.

This can be confusing.  For more information, read the HUD’s Frequently Asked Questions page or talk to a lender in our network.

Idaho Reverse Mortgage Lenders

While a reverse mortgage simply transforms your home equity into spendable cash, you will need to pay some fees and interest to take out the loan.  Find a lender to work with who won’t charge you too much.  Compare mortgage rates offered by multiple lenders in your part of Idaho to find the best reverse mortgage rates available.

It’s also important to compare the fees that different lenders charge.  The fees are where they get you.  Identify which lender offers the lowest origination fee and closing costs.  You can get started researching lenders by filling out the form at the top of this page.  Read our reverse mortgage checklist to get additional information on finding lenders and applying.

About Idaho

Idaho is a Rocky Mountain state with a huge amount of natural resources and scenic areas.  Yellowstone National Park is partially located in Idaho.  The statehas a population of approximately 1,500,000.  Agriculture is a major factor in the state economy, but the science and technology industry is large as well.  This sector accounts for over 25% of the state's total revenue and 70% of the state's exports, in dollars.

Boise, Nampa, Meridian, Idaho Falls, Pocatello, and Coeur d’Alene are major cities in the state that are home to many retirees.  Idaho is known as the "Gem State" because of its abundance of natural resources.  For those who wish to retire in this beautiful state, a reverse mortgage may be a wise financial choice.

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