Idaho Reverse Mortgage Rules & Information

Learning how to calculate a reverse mortgage in Idaho can help you to understand if this unique type of home loan is a good for you and your needs. The most popular version of this loan in ID and across the United States is the Home Equity Conversion Mortgage (HECM), so that’s the version we’ll focus on here. The HECM is a solution that many people don’t consider, largely because they don’t understand how it works. There are also fears that getting one of these loans could end up costing you your home, or that it can deprive your heirs of their inheritance when you pass away. However, once you begin doing your due diligence you’ll see that these fears are mostly unwarranted and that with proper planning a reverse mortgage can be a powerful tool; many have found these loans a great option for achieving financial security they need later in life. So, how exactly is a reverse mortgage calculated?

Find out how a reverse mortgage loan can be part of a comfortable retirement in Idaho. Click here for free information.

How Much Money You Can Get with An ID Reverse Mortgage?

With a HECM loan, there are two main advantages. First, if you are making payments to a mortgage company because you haven’t paid your house off yet, then those payments will come to an end. This is because you’re required to use the proceeds of your reverse mortgage to pay off the balance. Second, you will be able to start accessing the equity in your home while continuing to live there. This is important because many older Americans have a significant portion of their wealth tied up in their homes but do not want to sell the home and move.

The amount of money you will be able to access is going to depend on your age, the value of your home, current interest rates, and the amount of equity you have in your home. One important thing to keep in mind is the fact that you have to be at least 62 years of age in order to qualify for a reverse mortgage. It’s also important to keep in mind that the maximum amount of a HECM is $726,525.

A reverse mortgage unlocks the equity in your home giving you access to it. This does not mean you can get access to the full equity in your home. If you are approved, the first thing that will happen is any existing money you owe to a mortgage company will be paid off. Then, you will be able to withdraw some of the funds as needed. Even after any prior mortgage is paid off, you still won’t be able to access the full equity. There are fees that must be paid, and additional equity is withheld, largely to make it less likely that the balance of the loan doesn’t end being more than the home is worth. This also makes it more likely that there will be some equity left for your heirs to inherit from you.

Is An Idaho Reverse Mortgage the Right Decision for You?

Obtaining a reverse mortgage in Idaho is a personal decision and depends on your needs and circumstances. On the plus side, it’s a straightforward way to access the equity in your home, which can prove very useful (or even essential) in retirement. It allows you to do this while still owning your home, so you won’t be forced to move either. On the other hand, there are fees to pay, and there will be less equity left in your house for you to access later or for you pass on to your heirs. Do your research, take your time considering your options, and we think you’ll find it all much less scary and confusing than you may have believed.

Find out how a reverse mortgage loan can be part of a comfortable retirement in Idaho. Click here for free information.

Reverse Mortgage Companies in Idaho

Lender Loans Total Principal Limit
WELLS FARGO 1,633 292,897,870
AMERICAN ADVISORS GROUP 1,123 338,549,301
REVERSE MORTGAGES OF IDAHO INCORPORATED 930 119,056,237
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 566 220,766,317
PREMIER MORTGAGE RESOURCES LLC 415 156,867,117
MUTUAL OF OMAHA MORTGAGE INC. 333 144,159,204
FINANCIAL FREEDOM SENIOR FUNDING CORP 300 47,102,523
FIRST FEDERAL SAVINGS BANK TWIN FALLS 276 63,746,191
ONE REVERSE MORTGAGE LLC 251 50,428,025
METLIFE BANK NATIONAL ASSOCIATION 249 51,840,530
GENEVA FINANCIAL LLC 191 65,065,792
MORTGAGE PLACE LLC 180 30,581,106
REVERSE MORTGAGE FUNDING LLC 177 69,340,513
FINANCE OF AMERICA REVERSE LLC 167 54,174,735
MANN MORTGAGE LLC 148 35,075,816
PROFICIO MORTGAGE VENTURES LLC 141 32,453,500
BANK OF AMERICA 139 30,566,600
FSI MORTGAGE LLC 134 19,819,758
LONGBRIDGE FINANCIAL LLC 111 42,350,335
AMERICAN PACIFIC MORTGAGE 108 26,934,348

Since 2012

Lender Loans Total Principal Limit
AMERICAN ADVISORS GROUP 1,075 330,438,051
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 552 219,068,965
PREMIER MORTGAGE RESOURCES LLC 395 153,929,999
MUTUAL OF OMAHA MORTGAGE INC. 333 144,159,204
ONE REVERSE MORTGAGE LLC 201 43,449,025
GENEVA FINANCIAL LLC 190 64,515,792
REVERSE MORTGAGE FUNDING LLC 177 69,340,513
FIRST FEDERAL SAVINGS BANK TWIN FALLS 166 45,962,649
MANN MORTGAGE LLC 142 33,420,816
PROFICIO MORTGAGE VENTURES LLC 136 30,705,000

Find out how a reverse mortgage loan can be part of a comfortable retirement in Idaho. Click here for free information.

ID Reverse Mortgage Rates

Current Rates

Date Fixed Rate Adjustable Rate
2019-01-01 4.56% 5.31%
2019-02-01 5.12% 4.92%
2019-03-01 4.81% 4.94%
2019-04-01 5.00% 4.82%
2019-05-01 4.99% 4.58%
2019-06-01 4.97% 4.60%
2019-07-01 4.89% 4.31%
2019-08-01 4.87% 4.03%
2019-09-01 4.49% 4.28%
2019-10-01 4.43% 3.90%
2019-11-01 4.43% 4.07%
2019-12-01 NA 4.02%
2020-01-01 NA 3.93%
2020-02-01 NA 3.92%
2020-03-01 5.15% 3.83%
2020-04-01 NA 3.70%
2020-05-01 NA 3.28%
2020-06-01 3.93% 3.24%
2020-07-01 3.56% 3.08%
2020-08-01 NA 2.93%
2020-09-01 NA 2.88%
2020-10-01 3.93% 2.84%
2020-11-01 3.06% 2.82%
2020-12-01 3.22% 2.87%
2021-01-01 2.94% 2.71%
2021-02-01 3.03% 2.66%
2021-03-01 3.31% 2.57%
2021-04-01 3.34% 2.44%
2021-05-01 3.23% 2.38%
2021-06-01 3.29% 2.27%
2021-07-01 3.33% 2.19%
2021-08-01 3.52% 2.21%
2021-09-01 3.29% 2.23%
2021-10-01 3.26% 2.18%
2021-11-01 3.28% 2.23%
2021-12-01 3.06% 2.22%
2022-01-01 3.06% 2.34%
2022-02-01 3.20% 2.46%
2022-03-01 3.55% 2.70%
2022-04-01 3.36% 3.17%

Historic Rates

Date Fixed Rate Adjustable Rate
2016-01-01 4.94% 3.49%
2016-02-01 4.96% 3.65%
2016-03-01 4.93% 3.78%
2016-04-01 4.95% 3.80%
2016-05-01 4.81% 4.08%
2016-06-01 4.90% 4.11%
2016-07-01 4.99% 4.23%
2016-08-01 4.89% 4.23%
2016-09-01 5.04% 4.48%
2016-10-01 4.81% 4.51%
2016-11-01 4.93% 4.55%
2016-12-01 5.08% 4.63%
2017-01-01 4.95% 4.50%
2017-02-01 4.92% 4.50%
2017-03-01 4.96% 4.50%
2017-04-01 4.95% 4.38%
2017-05-01 4.99% 4.40%
2017-06-01 5.01% 4.45%
2017-07-01 5.04% 4.42%
2017-08-01 5.05% 4.45%
2017-09-01 4.97% 4.45%
2017-10-01 4.94% 4.50%
2017-11-01 4.95% 4.59%
2017-12-01 4.93% 4.60%
2018-01-01 4.95% 4.59%
2018-02-01 4.78% 4.62%
2018-03-01 4.75% 4.71%
2018-04-01 4.79% 4.68%
2018-05-01 4.70% 4.86%
2018-06-01 4.46% 4.89%
2018-07-01 4.71% 4.73%
2018-08-01 4.67% 4.89%
2018-09-01 4.61% 4.95%
2018-10-01 4.70% 4.97%
2018-11-01 4.86% 5.09%
2018-12-01 4.75% 4.90%

Top Cities in Idaho by Total HECM Loans Originated

Rank City Zip Total
1 BOISE 83703 1,924
2 NAMPA 83686 1,059
3 MERIDIAN 83642 689
4 CALDWELL 83605 460
5 IDAHO FALLS 83401 413
6 TWIN FALLS 83301 393
7 COEUR D ALENE 83814 390
8 POST FALLS 83854 281
9 POCATELLO 83204 251
10 EMMETT 83617 195
11 HAYDEN 83835 195
12 EAGLE 83616 185
13 LEWISTON 83501 146
14 JEROME 83338 134
15 SANDPOINT 83864 125
16 BLACKFOOT 83221 124
17 RATHDRUM 83858 124
18 KUNA 83634 119
19 MIDDLETON 83644 104
20 GARDEN CITY 83714 101
21 PAYETTE 83661 85
22 AMMON 83406 84
23 STAR 83669 83
24 RIGBY 83442 80
25 ATHOL 83801 78
26 REXBURG 83440 78
27 WEISER 83627 73
28 BUHL 83316 72
29 COEUR D' ALENE 83814 72
30 BURLEY 83318 72

Local HECM Counselors

IDAHO HOUSING AND FINANCE ASSOCIATION
565 WEST MYRTLE
BOISE, ID 83702-7675
(855) 505-4700
www.idahohousing.com

POCATELLO NEIGHBORHOOD HOUSING SERVICES, INC DBA NEIGHBORWORKS POCATELLO
206 N ARTHUR AVE
POCATELLO, ID 83204-3104
(208) 232-9468
https://nwpocatello.org/

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