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Idaho Home Equity Conversion Mortgage

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Home Equity Conversion Mortgage (HECM)

The best-known type of reverse mortgage among the three. This type of loan is insured through a Federal Housing Administration (FHA) which enables the senior to withdraw or convert the equity of their home into cash and the funds can be used for any purpose.

The amount you can borrow will be based on the appraised value of your house. HECM is widely available, however, it is only offered by the Federal Housing Administration (FHA) which is the approved lender. All borrowers are required to receive HUD-approve counseling before the loan the approved.

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HECM Payment Options

The HECM gives you the will to choose how you want to receive your loan. 


All of your cash loans will be delivered in one lump-sum payment. But this option is available with fixed-rate or adjustable-rate loans.

Credit Line Card

A reverse mortgage loan can be received through credit line card options. The money will proceed to the credit line and can be accessed whenever you need it, as long as receiving the payment loans, your credit card cannot be suspended or called due.

Monthly Payments

An option that lets you choose to receive your loan in monthly payments. Term payments is a monthly payment option, you can receive your cash in a set amount of time on a monthly payment basis. While if you choose tenure payments, you receive your cash throughout the life of your loan. You can select monthly payments with adjustable-rate HECM.

Combination Of any Of These Three

If you like a more customized option to receive your proceeds, you can choose to combine different payment options.

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