There are many Common Idaho FHA (HECM) Reverse Mortgage questions along with the many myths pertaining to the loan. So I wanted to outline some of the most basic questions below:
Q: What are the Borrower Requirements for an Idaho (HECM) Loan ?
A: – Be 62 years of age or older
- Own the property outright or have a small mortgage balance
- Occupy the property as your principal residence
- Not be delinquent on any federal debt
- You must participate in a consumer information session given by an approved HECM counselor
Q: How do I know how much of a mortgage I qualify for?
A: Mortgage amounts are based on:
- Age of the youngest borrower
- Current Interest rate
- Lesser of appraised value or the Idaho HECM FHA mortgage Limit
Q: Do I have to have a job or income to qualify? What are the financial requirements?
A: – No income or credit qualifications are required of the borrower
- No repayment as long as the property is your principal residence
- Closing costs may be financed in the mortgage
Q: What kind of properties are allowed?
A: – Single family home or 1-4 unit home with one unit occupied by the borrower
- HUD-approved condominium
- Manufactured home that meets FHA requirements
Q: When do I have to Repay the loan?
A: An Idaho HECM Reverse Mortgage must be repaid in full when you die or sell the home. The loan also becomes due and payable if:
- You do not pay property taxes or hazard insurance
- You permanently move to a new principal residence
- You, or the last borrower, fail to live in the home for 12 months in a row. An example of this situation would be if you (or the last borrower) were to have a 12-month or longer stay in a nursing home.
- You allow the property to deteriorate and do not make necessary repairs.
If you or anyone you know has questions about an Idaho HECM Reverse Mortgage loan please feel free to contact me.
Andy Radke
Mortgage West
Mortgage Consultant
Direct: 208-859-5825
LoanswithAndy@gmail.com
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