Boise, Idaho Reverse Mortgage Great For Senior Retirement Living

Boise, Idaho Reverse Mortgages are great for senior retirement living !

A Boise, Idaho FHA Reverse Mortgage Senior Home Loan 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 andIdaho FHA Reverse Mortgage. Below I have outlined some of the most common questions and myths associated with a reverse mortgage loan.

There are many Common Idaho FHA (HECM) Reverse Mortgage questions along with the many myths pertaining to the loan. So I wanted to outline some of the most basic questions below:

Q: What are the Borrower Requirements for an Idaho (HECM) Loan ?

– Be 62 years of age or older
- Own the property outright or have a small mortgage balance
- Occupy the property as your principal residence
- Not be delinquent on any federal debt
- You must participate in a consumer information session given by an approved HECM counselor

Q: How do I know how much of a mortgage I qualify for?

Mortgage amounts are based on:

- Age of the youngest borrower
- Current Interest rate
- Lesser of appraised value or the Idaho HECM FHA mortgage Limit

Q: Do I have to have a job or income to qualify? What are the financial requirements?

– No income or credit qualifications are required of the borrower
- No repayment as long as the property is your principal residence
- Closing costs may be financed in the mortgage

Q: What kind of properties are allowed?

– Single family home or 1-4 unit home with one unit occupied by the borrower
- HUD-approved condominium
- Manufactured home that meets FHA requirements

Q: When do I have to Repay the loan?

A: An Idaho HECM Reverse Mortgage must be repaid in full when you die or sell the home. The loan also becomes due and payable if:

- You do not pay property taxes or hazard insurance
- You permanently move to a new principal residence
- You, or the last borrower, fail to live in the home for 12 months in a row. An example of this situation would be if you (or the last borrower) were to have a 12-month or longer stay in a nursing home.
- You allow the property to deteriorate and do not make necessary repairs.

If you or anyone you know could benefit from an Reverse Mortgage loan please feel free to contact me with questions.

Michelle Guth
Diversified Mortgage Group
Mortgage Consultant
Direct: 208-853-7878
Michelle@dmgloans.com
ID MBL-5696 / NMLS # 36853 / 36852 / 1850
www.idahohomegroup.com

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Diversified Mortgage Group : 7977 W. Marigold St. Garden City, ID 83714 ID MBL-5696 NMLS-36852/1850 NMLS # 69621 P:208-853-7878 F:208-853-7879