If you are looking for more financial freedom while staying in your own home, a reverse mortgage is a great option to consider. With the constant growth in Idaho, and increases in costs it can become harder to manage basic living expenses. Luckily, there is expert help regarding Idaho reverse mortgage options.
If you are 62 years or older and are looking for a resource to better understand how to turn your equity into cash, you have landed in the right place. Let’s begin with a basic breakdown of what to expect when considering a reverse mortgage.
What is a Reverse Mortgage?
A reverse mortgage is basically a loan. However, this is a loan that puts money right into your lap. The reason for it not being considered “just a loan” is because a lender is making payments to the borrower whereas in a traditional loan you are making payments to a lender. The main purpose for a reverse mortgage is to convert your equity into cash or other forms of payment.
How To Qualify
You must be at least 62 years of age or older. You also must own your home outright and have enough equity to qualify (contact your local specialist or access the reverse mortgage calculator) You must be in the home as the primary residence. You must have at least enough money to cover your home’s insurance, property taxes, and maintenance costs (repairs). Speak with an approved HUD/FHA counselor.
