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 1,302 422,480,276
REVERSE MORTGAGES OF IDAHO INCORPORATED 930 119,056,237
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 807 348,972,059
MUTUAL OF OMAHA MORTGAGE INC. 564 259,642,797
PREMIER MORTGAGE RESOURCES LLC 546 226,871,524
FIRST FEDERAL SAVINGS BANK TWIN FALLS 308 76,242,191
FINANCIAL FREEDOM SENIOR FUNDING CORP 300 47,102,523
FINANCE OF AMERICA REVERSE LLC 279 112,978,735
ONE REVERSE MORTGAGE LLC 251 50,428,025
METLIFE BANK NATIONAL ASSOCIATION 249 51,840,530
REVERSE MORTGAGE FUNDING LLC 207 84,529,513
GENEVA FINANCIAL LLC 193 66,479,792
MORTGAGE PLACE LLC 180 30,581,106
LONGBRIDGE FINANCIAL LLC 163 71,048,335
MANN MORTGAGE LLC 162 40,263,316
PHH MORTGAGE CORPORATION 144 60,679,500
AMERICAN PACIFIC MORTGAGE 141 43,884,148
PROFICIO MORTGAGE VENTURES LLC 141 32,453,500
BANK OF AMERICA 139 30,566,600

Since 2012

Lender Loans Total Principal Limit
AMERICAN ADVISORS GROUP 1,254 414,369,026
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 793 347,274,707
MUTUAL OF OMAHA MORTGAGE INC. 564 259,642,797
PREMIER MORTGAGE RESOURCES LLC 526 223,934,406
FINANCE OF AMERICA REVERSE LLC 244 106,984,775
REVERSE MORTGAGE FUNDING LLC 207 84,529,513
ONE REVERSE MORTGAGE LLC 201 43,449,025
FIRST FEDERAL SAVINGS BANK TWIN FALLS 198 58,458,649
GENEVA FINANCIAL LLC 192 65,929,792
LONGBRIDGE FINANCIAL LLC 163 71,048,335

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%
2022-05-01 3.91% 3.64%
2022-04-01 3.36% 3.17%
2022-06-01 3.31% 4.04%
2022-07-01 4.93% 4.55%
2022-08-01 5.74% 5.09%
2022-09-01 NA 5.54%
2022-10-01 NA 5.87%
2022-11-01 NA 6.45%
2022-12-01 NA 6.87%
2023-01-01 NA 7.00%
2023-02-01 6.81% 7.00%
2023-03-01 6.81% 7.13%
2023-04-01 NA 6.97%
2023-05-01 NA 6.87%
2023-06-01 NA 7.13%
2023-07-01 6.93% 7.32%
2023-08-01 NA 7.62%
2023-09-01 NA 7.64%
2023-10-01 6.68% 7.71%
2023-11-01 NA 7.70%
2023-12-01 NA 7.53%
2024-01-01 NA 7.30%
2024-02-01 NA 7.15%
2024-03-01 NA 7.07%

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 NAMPA 83686 530
2 MERIDIAN 83646 521
3 BOISE 83709 514
4 NAMPA 83651 473
5 TWIN FALLS 83301 437
6 BOISE 83704 383
7 POST FALLS 83854 332
8 MERIDIAN 83642 320
9 BOISE 83705 313
10 CALDWELL 83605 305
11 COEUR D ALENE 83815 285
12 CALDWELL 83607 242
13 EAGLE 83616 230
14 NAMPA 83687 226
15 HAYDEN 83835 224
16 BOISE 83706 223
17 EMMETT 83617 223
18 BOISE 83713 205
19 POCATELLO 83201 184
20 LEWISTON 83501 172
21 IDAHO FALLS 83401 169
22 COEUR D ALENE 83814 166
23 IDAHO FALLS 83402 159
24 KUNA 83634 155
25 BOISE 83714 154
26 RATHDRUM 83858 150
27 JEROME 83338 148
28 BOISE 83703 140
29 BOISE 83702 137
30 BLACKFOOT 83221 137

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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