Boise residents who are over the age of 62 and either own their home outright or have minimal mortgage payments remaining are likely qualified for a reverse mortgage. In a reverse mortgage, the borrower draws on home equity to receive funds from a lender and doesn’t need to make repayments until the home is sold. Our partners at ConsumerAffairs reviewed the best reverse mortgage lenders in Boise to help you determine whether to apply.
Boise is the biggest city in a state with one of the fastest growing populations in the U.S. Many people moving to Idaho, perhaps even a majority, are 65 or older. Retirees choosing Boise are drawn by its natural beauty, access to national parks, walkability, lower cost of living, low crime, mild climate and cultural opportunities.
Reverse mortgages in Boise may be helpful for senior retirees living on a fixed income who want additional financial flexibility to pay bills, pay off debt, buy another home, renovate or pursue a new investment strategy. Ordinarily, the loan does not need to be repaid until the borrower dies or sells the home and moves out.
To qualify for the most common type of reverse mortgage, called a Home Equity Conversion Mortgage (HECM), a homeowner must:
Be at least 62 years old
Own the property entirely or have paid down a considerable amount
Occupy the property as a principal residence
Not be late on any federal debt
Be able to pay taxes, insurance and fees
Participate in a counseling session.
If you take out a reverse mortgage, you have several ways to receive funds:
Single lump sum
Line of credit
Combination of line of credit and monthly payments
Homeowners considering a reverse mortgage in Boise should look over all options available to them. Apart from HECMs, there are several other types of reverse mortgages, like proprietary reverse mortgages. Unlike HECMs, these are private loans and aren’t government-insured.
Be aware that as reverse mortgages have become more popular, the amount of fraudulent activity in the industry has increased. The FBI has a list of tips for avoiding reverse mortgage scams.
Before choosing a reverse mortgage in Boise, shop around. Confirm that you can use the funds for the purpose you desire. Compare the costs — not just interest rates, but also origination fees, closing costs, servicing fees and any other dues.
This top-ranking reverse mortgage lender makes it a priority to earn and keep your trust. Finance of America Reverse has plenty to offer: lump sum, tenure payment and line of credit options; an average closing time of 30 days; and award-winning customer service. According to customers in Boise, if you’re unsure of what something means, the team at FAR will go out of their way to explain it to you.
This award-winning company prides itself on a 97 percent customer satisfaction rating from in-house surveys. American Advisors Group offers HECMs and an expert staff to assist with the process every step of the way. Customers say that although sometimes the process takes longer than they had hoped, it works out in the end and is well worth the wait.
As one of the country’s largest reverse mortgage providers, Liberty Home Equity Solutions has worked with more than 50,000 seniors since 2003, and all of that experience has led to their reputation as industry experts. Offering HECMs and a promise to match or beat all competitors, this lender is an industry favorite. Customers say they love the responsiveness and personal attention provided by Liberty Home Equity Solutions representatives.
1st Choice Mortgage Company
1st Choice Mortgage Company, locally-owned, has been operating in Idaho for over 25 years and is accredited and rated A+ by the Better Business Bureau. Visitors to the company’s website can find a number of different resources for reverse mortgage education. In reviews, customers of 1st Choice Mortgage mention advisers by name and recommend the company to others.
Based in Meridian, Capital Mortgage has a group of local, highly experienced loan professionals originating loans for Boise customers since 2003. Capital Mortgage is BBB-accredited with an A+ rating. Customers in Boise praise Capital Mortgage for its dedication to client satisfaction and its advice regarding real estate or any mortgage-related topic.