How does the Idaho HECM Reverse Mortgage Loan Work?
The Idaho HECM Reverse Mortgage is a loan availabe to homeowners over the age of 62 years of age. If you plan on living in the home as your principle residence you can borrow against the equity of your home. You can select from five payment plans.
1. Tenure – equal monthly payments as long as at least one borrower lives and continues to occupy the property as a principal residence.
2. Term – equal monthly payments for a fixed period of months selected.
3. Line of Credit – unscheduled payments or in installments, at times and in an amount of your choosing until the line of credit is exhausted.
4. Modified Tenure – combination of line of credit plus scheduled monthly payments for as long as you remain in the home.
5. Modified Term – combination of line of credit plus monthly payments for a fixed period of months selected by the borrower.
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.
One of the great things about an Idaho FHA Reverse Mortgage Loan is that you can never owe more than your home’s value. If you sale your home and the proceeds are not enough to pay the amount that is owed, then FHA will pay the lender the amount that is owed. FHA collects an insurance premium at closing from all borrowers to provide this coverage.
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.
There are no assett or income limitations in order for you to be eligible for a HECM.
If you or anyone you know has any questions about the Idaho FHA Reverse Mortgage feel free to contact me.
Andy Radke
Hyperion Capital Group
Mortgage Consultant
Direct: 208-859-5825
LoanswithAndy@gmail.com
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