Boise, Idaho FHA Reverse Mortgage Home Loans For Seniors over the age of 62
A Boise, Idaho FHA Reverse Mortgage Senior Home Loans is a great way for anyone over the age of 62 to enjoy their retirement and not have to stress as much about money. With a Reverse Mortgage it frees up the options available for anyone over the age of 62 so that they can enjoy the lifestyle they want to live.
There are no assett or income limitations in order to be eligible for and Idaho FHA Reverse Mortgage.
The Idaho HECM Reverse Mortgage is a loan available 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.
- Tenure – equal monthly payments as long as at least one borrower lives and continues to occupy the property as a principal residence.
- Term – equal monthly payments for a fixed period of months selected.
- Line of Credit (LOC) – unscheduled payments or in installments, at times and in an amount of your choosing until the line of credit is exhausted.
- Modified Tenure – combination of line of credit plus scheduled monthly payments for as long as you remain in the home.
- 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.
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.
If you or anyone you know would benefit from an FHA Reverse Mortgage and would like to learn more about it please contact me to discuss this further.
Andy Radke
Mortgage West
Mortgage Consultant
Direct: 208-859-5825
LoanswithAndy@gmail.com
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