Are you considering a reverse mortgage?

If so, you probably have many questions or concerns, such as:

  • Is a reverse mortgage right for me?

  • What are the benefits of a reverse mortgage?

  • What are the types of reverse mortgage payouts?

That’s where we come in! Let our experts help answer your questions about the reverse mortgage process.

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Why Idaho Reverse Mortgage?

Ready to Enjoy Living Your Life? Stay in your own home and keep ownership without ever having to make another monthly mortgage payment. Let our qualified professionals help you decide if a reverse mortgage is right for you.

Is a Reverse Mortgage Right For You?

  1. Do you have a strong desire or commitment to stay in your own home?
  2. Do you want to enjoy your lifestyle and your retirement years more?
  3. Do you need or want more savings for major or unexpected expenses?
  4. Do you have a regular need to supplement your income and find your home is your biggest asset?
  5. Do you want to live worry-free, with the peace of mind that your financial needs are managed?

If these statements sound like you, then you might be just the right candidate for a reverse mortgage.

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A couple of 62 year olds drinking wine after getting a reverse mortgage
What are the benefits to a reverse mortgage?

Benefits of a Reverse Mortgage

  1. A reverse mortgage can give you more financial freedom and help you utilize that to improve your quality of life.
  2. You won’t have to make any payments until the loan ends.
  3. You are allowed to stay in your own home and keep your title.
  4. Proceeds from reverse mortgages are tax-free and not considered income.
  5. Income is not a factor in loan qualification.

Do You Qualify For A Reverse Mortgage?

  1.  Are you at least 62 years of age?
  2. Do you own your property outright, or is the mortgage small enough to be paid off in the reverse mortgage process?
  3. Do you occupy the property as your primary residence?
  4. Are you delinquent on any Federal debt?
  5. Is your home considered a single family home that meets FHA requirements?

If you answered “Yes” to all these questions, then you may be able to qualify for a HECM Reverse Mortgage.

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Reviewing resources and documents for a reverse mortgage
A beautiful home

What is a Reverse Mortgage?

A Home Equity Conversion Mortgage (HECM), the most common type of reverse mortgage, is a special type of home loan for homeowners who are 62 and older. HECM is Federal Housing Administration’s (FHA) reverse mortgage program which enables you to withdraw some of the equity in your home. You choose how you want to withdraw your funds, whether in a fixed monthly amount or a line of credit or a combination of both.

Types of Mortgage Payouts

  1. Lump Sum Payment
  2. Line of Credit
  3. Fixed Monthly Payments
  4. Combination of These Options

No matter what you chose, you will not have to make any payments on the mortgage, as long as you are living in the home. When the reverse mortgage comes due, you can sell home to pay off the loan or pay off the loan and keep your home.

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A couple dancing, Idaho reverse mortgage
An elderly couple who just reverse mortgaged their home

What Should You Consider?

Your home has more than a monetary value. It may be more important to your heirs than you realize. Be sure to talk the decision over with your family first.

Reverse mortgages are a specialty loan product and might not be as common or well known by your average loan officer. Be sure you speak with a Reverse Mortgage specialist who can help you navigate the waters safely.

Meet Devin Fahrner

Your Reverse Mortgage Specialist

Devin Fahrner has over two decades of experience in the mortgage and consumer finance industries and uses his knowledge to provide the highest quality services to his clients and their families. A graduate of Western Oregon State University, Devin has worked in nearly every position in the mortgage industry, including working with Reverse Mortgages. The experiences and challenges he’s encountered over the last several years have provided him a vast skill set that allows him to evaluate each client and help enlighten them on the best possible solution to fit their needs.

In addition to his experience in the business world, Devin proudly spent seven years serving in the Marine Corps. His military experience has provided him discipline and a strong work ethic that he has applied in every aspect of his life.

If you have questions about the world of reverse mortgages, Devin and his team are prepared to help. Call us today for a consultation to determine if a Reverse Mortgage is right for you and your family.

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Our representatives will be ready to assist with any questions you may have.