Find the Best Reverse Mortgage Lenders in Boise, ID

How to choose a reverse mortgage lender in Boise

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
• Monthly payments
• 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.