As people approach retirement age, one of their primary concerns is how to manage their finances. With the cost of living on the rise, it can be challenging to make ends meet when you’re no longer working. Reverse mortgages are a financial tool that can provide homeowners with the funds they need to enjoy their retirement years comfortably. In this blog post, we will discuss what a reverse mortgage is, how it works, and some of the pros and cons. What Is A Reverse Mortgage A reverse mortgage is a type of home loan that allows homeowners to convert some of their home equity into cash. Unlike tr ..read more

The proceeds you receive from your reverse mortgage can be used to fund anything you want. There are no restrictions to how you can spend your money. This is your money that you are free to use however you want. Whether you want to set that money aside and save it or invest it into something else, that is entirely your choice. This article here explores different ways you can use your reverse mortgage funds. Pay Off Any Bills You Have an Outstanding Balance On Once you receive the funds for your reverse mortgage, you may want to consider paying off any bills or remaining debt you have. If you ..read more

A Few Things to Note When Considering a Reverse Mortgage Typically, the fees associated with a Reverse Mortgage can be quite high. Borrowers are required to pay an origination fee (typically capped at $6,000), upfront insurance premium, MIP’s, loan servicing fee, and interest rates. These fees are predominantly paid out through the money you borrow. Essentially meaning the fees and interest are taken out of your home equity. Another note to remember is that the reverse mortgage needs to be taken out against your principal residence which is the place in which you reside primarily during the fi ..read more

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 ..read more

Upon retirement, most seniors choose to continue living in their homes instead of moving to an assisted living facility. Unfortunately, most homes aren’t properly created for you or your loved one to live comfortably and safely as old age approaches.  If you are planning to spend your next journey in your current residence, we recommend you start planning for the challenges of aging. Our team at Idaho Reverse Mortgages recommends taking the following areas into consideration as you prepare your house for retirement! Retirement Planning As you prepare for retirement, you are not the o ..read more

Upon retirement, most seniors choose to continue living in their homes instead of moving to an assisted living facility. Unfortunately, most homes aren’t properly created for you or your loved one to live comfortably and safely as old age approaches.  If you are planning to spend your next journey in your current residence, we recommend you start planning for the challenges of aging. Our team at Idaho Reverse Mortgages recommends taking the following areas into consideration as you prepare your house for retirement! Retirement Planning As you prepare for retirement, you are not the o ..read more

From May 2021 to May 2022, the Consumer Price Index for All Urban Consumers increased 8.6 percent, the largest 12-month increase since the period ending December 1981. If you are a senior living on a fixed income in 2022, this is pretty scary news! While social security once was able to support a comfortable lifestyle for retired workers, 2022 has brought a new beast upon our elderly- inflation. Yes, there have always been inflation risk factors, however, the market volatility of our essential goods have created a scenario in which seniors on a fixed income are scared for their livelihood. Whi ..read more

A reverse mortgage is a wonderful tool that allows you to live in your home during your retirement without having to make monthly mortgage payments. Essentially, a reverse mortgage turns your home’s equity into a stream of monthly payments. So instead of paying the bank, the bank pays you. The primary benefit that this type of mortgage provides is allowing seniors to meet living expenses in retirement while staying in their homes. This helps seniors live worry-free and provides peace of mind regarding their finances. It is important to note that the reverse mortgage loan balance owed does ..read more

From May 2021 to May 2022, the Consumer Price Index for All Urban Consumers increased 8.6 percent, the largest 12-month increase since the period ending December 1981. If you are a senior living on a fixed income in 2022, this is pretty scary news! While social security once was able to support a comfortable lifestyle for retired workers, 2022 has brought a new beast upon our elderly- inflation. Yes, there have always been inflation risk factors, however, the market volatility of our essential goods have created a scenario in which seniors on a fixed income are scared for their livelihood. Whi ..read more

Your Best Idaho Reverse Mortgage Questions Answered Since its inception in the mid-1900s, the reverse mortgage market has grown at a rapid rate. Although it’s been around for a little over three decades, it still maintains an air of mystery. In fact, it’s likely that you’ll have plenty of questions that you don’t know who to ask. Are you looking to get a reverse mortgage in Idaho? You’ve come to the right place. At Idaho Reverse Mortgage, we’ve compiled a list of all the questions you might have regarding most reverse mortgages in your state. From the application process to the benefits of a r ..read more