What you should know about reverse mortgages For Idaho residents.
A reverse mortgage can help seniors like you unlock equity in your home. If you’re 62 or older and have equity in your home, you may qualify to borrow against your house without making any loan payments until you move out or pass away. Once you pass away, the loan becomes due. Instead of pulling out equity by selling your home, a reverse mortgage allows you to continue living in your home payment-free. Yes, you read that right. Keep your home WITHOUT paying your mortgage. You only have to pay the property tax on your home each year.
In addition, you can opt to receive a lump sum of funds each month or enjoy a line of credit available when you need it. Repayment is due upon the sale of your home or when you move out permanently, depending on your state.
Benefits of a Reverse Mortgage
A reverse mortgage allows you to remain in your home payment-free, rather than taking on the stressful process of moving, which often means downsizing. This loan can be paid in a monthly lump sum or as a line of credit. Due to state guidelines, repayment is due upon the sale of the home.