Reverse Mortgage Boise, ID

Boise, Idaho Reverse Mortgage Loans

Steve Cox and the Fairway Forever team are your licensed reverse mortgage specialists in Boise, Idaho.

Reverse mortgages are a popular financing option for seniors in Boise, Idaho that allow homeowners to convert a portion of their home’s equity into cash. As the money is from loan proceeds, as opposed to income, it’s tax-free.*

How Does a Reverse Mortgage in Boise Work?

Reverse mortgage loans allow homeowners who are 62 or older to access a portion of the equity in their home without having to make monthly mortgage payments. Instead, the borrower only has to pay property charges like insurance, taxes and home maintenance costs.

Reverse mortgages are a great option for seniors in Boise, Idaho, who want to stay in their homes, but also want additional cash flow. The funds from a reverse mortgage can be used for nearly any purpose the borrower has in mind, including home improvements, medical expenses or simply having more fun in retirement.

Our Reverse Mortgage Loans in Boise, Idaho

Home Equity Conversion Mortgage (HECM)

This is the most common type of reverse mortgage loan and is insured by the Federal Housing Administration (FHA). The amount of cash available depends on several factors, including the borrower’s age, the home’s value and interest rates.

HECM for Purchase (H4P)

This type of reverse mortgage loan is for purchasing a new primary residence. It can significantly increase homebuying power and enable borrowers to move somewhere more expensive without having to drain their nest egg. Like a traditional HECM, the borrower does not need to make monthly mortgage payments, so long as they pay property charges like taxes, insurance and upkeep costs.

Jumbo Reverse Mortgage Loans

This type of reverse mortgage is for high-value homes that exceed the HECM loan limit of $1,089,300 set by the FHA. Jumbo reverse mortgage loans are a proprietary product not insured by the FHA, so the terms and conditions can vary depending on the lender. The amount of cash available is based on the appraised value of the home, and borrowers typically have more flexibility in payment options.

Boise Reverse Mortgage Loan Benefits

People get reverse mortgages for many reasons, including:

Access To Cash

A reverse mortgage loan can provide an impressive amount of cash flow. The borrower can use it for any purpose, including paying off debt, modifying their home or having more fun in retirement.

Realize Home Equity Gains

Home values reached historic highs in recent years, but how can a homeowner reap the rewards without selling or refinancing their home? With a reverse mortgage loan, a borrower can benefit from their home’s appreciation while remaining the owner and resident.

Buffer Strategy and Portfolio Hedging

Reverse mortgage loan proceeds can be used as a buffer asset to hedge against market downturns. For example, if your investment portfolio experiences losses, you can use the funds from your reverse mortgage to cover your expenses until the market recovers.*

Own and Stay in the Home

Reverse mortgage borrowers remain the home’s owners, and no one can make them leave as long as they comply with the loan terms.

No Monthly Mortgage Payments

With a reverse mortgage loan, borrowers are not required to make monthly mortgage payments. Instead, they must pay property charges, like insurance, taxes and maintenance costs. The loan is a non-recourse loan, which means neither borrowers nor their heirs will owe more than the home is worth when it’s sold, even if the real estate market is much lower than when the loan originated.**

Flexible Payout Options

Borrowers have a great deal of flexibility in how they receive their funds. They can choose a line of credit with guaranteed growth, lump sum, monthly payments or a combination. Most importantly, the proceeds can be used for whatever purpose the borrower wishes.

Government-insured

HECMs are insured by the Federal Housing Administration (FHA), which offers additional consumer protections that you can rely on.

Long-term Care (LTC)

LTC can be expensive, and many people use some of their reverse mortgage loan proceeds to help fund it. For example, some borrowers will use a reverse mortgage loan to modify their home and pay for an in-home caregiver rather than moving to a nursing home or assisted living facility.

Here Are Considerations for Reverse Mortgage Eligibility in Boise, Idaho

The borrower must be at least 62 years old.
The borrower must own the home and it must be their primary residence.
The borrower must have significant equity in the home.
The borrower must have the financial capacity to pay property taxes, homeowners insurance and other property charges.
The borrower must undergo counseling with a U.S. Dept. of Housing and Urban Development (HUD)-approved counseling agency to ensure that they understand the terms and obligations of the loan.

About Boise, Idaho

Boise is the largest city in Idaho, with a population of approximately 240,000 people in the metropolitan area. About 14.5% of the population (34,860) are aged 65 and over.

Boise has a lot to offer retirees. Although Boise has become more popular and thus more expensive in recent years, it still has a lower cost of living than many other cities in America. This makes it appealing for those on a fixed income. Boise has a four-season climate with milder winters than many other cities in the region, with plenty of outdoor activities like hiking, biking, skiing and fishing. Other attractions include a thriving arts and culture scene, with museums, theaters, galleries and a host of festivals and events throughout the year. Boise is consistently ranked as one of the safest cities in the United States, which can provide peace of mind for seniors.

Interested in a Reverse Mortgage in Boise, Idaho?

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*This advertisement does not constitute tax or financial advice. Please consult a tax and/or financial advisor regarding your specific situation.