LOCATION
Serving Boise, Treasure Valley & Idaho
EMAIL ADDRESS
reversemortgageboise.org
CONTACT
+1 (208) 409-3382
PROVIDING A PERFECT OPPORTUNITY FOR EVERY ELDERS
Boise Reverse Mortgages Types Of Loans
Financing your retirement has never been so easy! Supplementing your retirement right under your own house with the reverse mortgage. Learn more about the different types of these loans.
Why A Reverse Mortgage
Home Equity Conversion Mortgage
A versatile home loan helps seniors receive a portion of cash from their house under the US Federal Government.
Proprietary Reverse Mortgage
It is a private loan that allows seniors to convert a portion of their home's equity into cash payments.
Home Equity Conversion Mortgage
A versatile home loan helps seniors receive a portion of cash from their house under the US Federal Government.
Boise's HECM Lending Professionals
Despite the concept and practice of reverse mortgages, it is best to understand how this type of loan works. It is an agreement which allows 62-years old homeowners to borrow part of their home’s equity.
When you apply for a reverse mortgage loan, instead of the homeowners make payments to the lender, the lender makes the payments to the homeowners. The homeowner gets to choose from many reimbursement options on how to receive the loan amount.
Home equity is the value of your house, which is the actual market value of your property minus the mortgages you still owed. Or if on the other hand, if a homeowner already pays the full amount of the property, then the total market value of the property will be the available home equity he can borrow.
Why Apply For A Reverse Mortgage
When your loan is approved, the money you’ll receive is tax-free. In line with this, the borrower will remain the owner of the property. The payment for the loan will be, when the homeowners decided to sell the house, the home’s sale will go to the lender to repay the reverse mortgage loan.
Or in some instances when the borrower dies, the heir can choose to pay the mortgage to keep the home themselves. In addition, any sales beyond the amount borrowed will proceeds to the homeowners, if still living. In short, the home is collateral for a reverse mortgage.
Boise Reverse Mortgage Loan Officers Are Ready To Serve You.
Apply Now!
Providing a loan to our community for over 20 years now. Contact our agent, Mortgage Specialist!
Advantages Of Applying For A Reverse Home Loan
To be eligible for a reverse mortgage, there are certain criteria a homeowner must meet and follow:
The borrower must be 62-years old or older.
The homeowner must have sufficient equity in the house—normally, about 50% of the required amount varies by lender.
The borrower must participate in a counseling session led by a HUD-approved counselor.
The borrower must go to a financial assessment to ensure that you are keeping up your property taxes, homeowner insurance, and other mandatory legal obligation.
The home must be your primary residence.
The property is well-maintain or in a good condition and meets the FHA standards.
Your house must be a manufactured home (single-family home, a condominium, or townhouse) not a mobile home.
Loan Approval Process
Although there are several numbers of good features that come with a type of loan, a reverse mortgage can be appealing for people who want or need to secure retirement funds. There are also some good points to consider before making a decision. You must know that a reverse mortgage are:
As states above, the borrower must maintain the house and continue to pay property taxes and home insurance. If you do not keep up with the expenses, your loan may come due.
Since reverse mortgage gives access to your home’s equity, you’ll decrease your equity which could be an excellent choice source of retirement funds. Apart from this, you’ll increase the amount of debt.
Fees and other closing costs associated with the loan can be high.
The point of using dummy text for your paragraph is that it has a more-or-less normal distribution of letters. making it look like readable English.
Local Idaho Lenders Helping You Navigate Your Lending Needs
Talk to our amazing Mortgage Officers to help you in your reverse mortgage process.
How can we help you?
About
Serving Boise, The Treasure Valley and all of Idaho. We help our clients understand the benefits of Reverse Mortgage Loans and why it may be a useful tool in retirement.
Services
HECM
Proprietary Reverse Mortgage
Single-Purpose Revere Mortgage
Rates & Uses
Fund Retirement
Healthcare
Education
Long-Term Care
Contact
+ 1 208 409-3382
Boise Metro, Idaho & The Treasure Valley
©2022 www.reversemortgageboise.org All Rights Reserved.
