Capital Home Mortgage Idaho

Idaho Reverse Mortgage Loans

Reverse Mortgage Lender Idaho

Reverse Mortgage Loans Idaho

A reverse mortgage is a type of loan that allows homeowners 62 and older to turn their home equity into cash. This loan is secured by the homeowner’s home and does not require monthly mortgage payments. The loan must be repaid when the homeowner sells or vacates the property, or earlier under specific conditions, such as failure to pay property taxes, homeowners insurance, or neglect of home maintenance.

Types of Reverse Mortgage

There are typically three reverse mortgage types: reverse mortgages with a single purpose, proprietary reverse mortgages, and home equity conversion mortgages (HECM).

A single-purpose reverse mortgage is an agreement between a lender and a borrower in which the lender gives the borrower money in exchange for a portion of the borrower’s home equity. The payments received by the borrower must be used for a specific purpose approved by the lender and specified in the loan.

Advantages of a single-purpose reverse mortgage:

  1. Eliminating traditional mortgage payments and accessing home equity while still owning and living in the home.
  2. Modifying an asset that would otherwise be hard to sell into cash that can be used to pay bills in retirement.

Disadvantages of single-purpose reverse mortgages:

  1. As time goes on, the amount owed to the lender on the loan balance goes up. The home equity decreases as interest and fees are added to the loan balance each month.
  2. With a single-purpose reverse mortgage, the money can only be used for the purpose approved by the lender and written into the loan. This limits how the funds can be used.
  • A proprietary reverse mortgage is a private mortgage that is not guaranteed by the federal government and is typically issued to borrowers who require more than the HECM maximum.

A proprietary reverse mortgage is a mortgage loan provided and guaranteed by a private entity instead of a government-insured reverse mortgage loan. It enables the homeowner to access the equity in their house and utilize the funds for any purpose. Government-insured reverse mortgages are subject to the same limits and regulations as proprietary reverse mortgages. However, they are not regulated; therefore, the loan terms might vary significantly between lenders.

Advantages of a Proprietary Reverse Mortgage

  1. Homeowners can use the money from their home equity for anything they want.
  2. Possible to get more money than with reverse mortgages insured by the government.
  3. No mortgage fee upfront.

Home Equity Conversion Mortgage (HECM) is a reverse mortgage program insured by the Federal Housing Administration (FHA) that enables seniors to access a portion of their home’s equity. The HECM allows the borrower to withdraw cash in a fixed monthly amount, a line of credit, or a combination of both. A HECM can also be used to purchase the borrower’s primary residence.

Advantages of a HECM

  1. No credit score requirements.
  2. Tax-exempt funds
  3. No monthly loan payments are due.
  4. Lenient income requirements.
  5. The ability to obtain funds based on their home equity.
  6. Depending on their preferences, homeowners can get cash through a line of credit, modified tenure, etc.

However, HECMs also have some potential downsides. The borrower’s property must be their primary residence for most of the year, and they must repay the HECM if they sell the home or relocate. In addition, funding the costs of a HECM can reduce the borrower’s available net loan amount, and the loan contains several fees and charges, such as mortgage insurance premiums, third-party expenses, origination fees, interest, and servicing fees.

Apply For A Reverse Mortgage With Capital Home Mortgage Idaho

Capital Home Mortgage can help you obtain the funds you need to supplement your retirement income, whether you choose a reverse mortgage or an alternate loan option. As a direct mortgage lender in Alabama, we provide the state with the most competitive interest rates and lowest fees. Call (208) 991-1303 to speak with our Reverse Mortgage Specialists.

To be approved for a Reverse Mortgage, seniors must attend a counseling session assigned by the Department of Housing and Urban Development “HUD.” This counseling covers how the loan works, the costs associated with setting up the reverse mortgage loan, and its benefits. The loan is adaptable for seniors who don’t want to continue a monthly mortgage payment or for those who want to continue making payments. Idaho Reverse Home Mortgages can be used for a purchase or a refinance with or without cash being taken out.

Why Idaho HomeBuyers are Choosing Capital Home Mortgage
Close On Time

Complete Control from Application to Funding

Low Rates & Low Fees

Direct Lender with Competitive Rates & Low Fees

Exceptional Service

7  Day a Week Support Application to Final Mortgage Payment

Idaho Mortgage Rates

Have you ever wondered why interests rates are what they are and what determines the final rate?  Why borrowers receive different interest rates? Or why rates go up and down?  Interest Rates are calculated using several factors.

  • Demand for mortgage Securities
  • Property securing the mortgage
  • occupancy of the property
  • Loan to value of the property
  • Borrower’s credit worthiness

Idaho REverse Home Loans

Reverse Mortgage Loans offer seniors options to use their home’s equity for cash or to eliminate payments. Call today to get speak to a Reverse Loan Officer.

  • Purchase & Refinance
  • Primary Only
  • 62 Years or Older
  • Required Hud Counseling
  • Homeowners Insurance Required
  • Must Continue to Pay Taxes
  • Meet Required Equity Values
Idaho Mortgage Programs

Idaho Home Purchase

Thinking of Buying an Idaho Home?

Looking to Purchase a Home? We have the loan program for you… Call today to speak with a loan officer to discuss your personal mortgage options.

  • Primary, Secondary, Investment
  • FHA, VA, USDA, Native American
  • Conventional, Jumbo, Non QM
  • Reverse, Renovation, Manufactured

Idaho renovation home loans

Looking to Rehab an Idaho Home?

Want the Charm of an Older Neighborhood? But want a new place or a fresh look? Why not look at a renovation loan?  Purchase the Perfect Home and make it your own. Call today.

  • Remodel, Renovate or Repairs
  • FHA 203K Streamline or full
  • fannie mae homestyle reno
  • freddie mac home choice reno

Idaho FHA Home Loans

Great for 1st Time Idaho Homebuyers

FHA Home Loans are great for first time home buyers, buyers with less than perfect credit, or buyers needing less out of pocket.   Call today to get started.

  • Smaller Down Payment
  • Flexible Underwriting
  • Higher Debt to Income Ratios
  • Lower Credit Scores OK

Idaho VA Home Loans

100% Financing for Idaho Veterans

Proudly Serving Active Duty servicemen and women, as well as, retired and disabled veterans. Call today to speak with a VA loan officer.

  • Simply Qualifying for Veterans
  • No Down Payments Requirements
  • Lower Credit Scores Accepted
  • Manual Underwriting Allowed

Idaho Conventional Home Loans

Flexibility for Idaho Homebuyers

Conventional Home Loans are the best option for flexibility of property types and for mortgage loan terms. Call today to get speak to a Loan Officer.

  • Primary, 2nd Home, Investment
  • Great Rates & Low Fees 
  • Single Family and Multi-Family
  • Renovation Loan Programs

Idaho Jumbo Home Loans

Idaho Non Conforming Loans

Jumbo Home Loans also called Non Conforming Home Loans are great options for buyers needing financing outside of agency limits.  Call today to speak to a loan officer.

  • Primary Residence and 2nd Homes
  • Higher Loan Amounts – 3 Million
  • Great Interest Rates
  • Investor Specific Guidelines

Idaho USDA Home Loans

100% Idaho Rural Home Loans

USDA Loans are a great option for families wanting to live outside of the city.  Call today to speak with a loan officer to discuss your personal loan options.

  • Rural Properties Only
  • Primary Residence Only
  • Geographic Restrictions
  • Income REstrictions

Idaho Native American Home Loans

Idaho HUD 184 Home Loans

HUD 184 Home Loans are solely for Native American and offer a variety of benefits.  Call today to speak with a loan officer to find out more.

  • Primary Residence Only
  • Manual Underwriting for All Loans
  • No Credit Score Requirements
  • Tribal Grants Allowed

Idaho Manufactured Home Loans

Idaho Alternative Housing

Idaho reverse mortgages

Your Idaho Home at Work

Reverse Mortgage Loans offer seniors options to use their home’s equity for cash or to eliminate payments. Call today to get speak to a Reverse Loan Officer.

  • primary residence only
  • simple qualifying – equity based
  • credit scores not applicable
  • Minimum age 62

Idaho Non QM Home Loans

Making Idaho Mortgages Possible

Looking for Non Traditional Home Mortgage Loan?  Contact a Loan Officer Today to discuss the alternative mortgage options currently available.

  • Purchase, Rate and Term & Cash-out
  • Primary, Secondary and Investment
  • Full Doc & Bank Statements Programs
  • Corporations OK

Idaho OTC Home mortgages

Build Your Idaho Dream Home

Want to Build? But unsure of what the future looks like? Remove the risk with a One Time Close Construction Loan.  Call today to see how a OTC loan works.

  • Primary Residence Only
  • Close Once
  • Lock Rate at Contract
  • Traditional Final Mortgage

Idaho Refinance Mortgage Loans

Idaho Rate & Term Refinance

Refinancing can be a hard decision and the payback can sometimes be confusing.  Call today and let our Loan Officers walk you through the process.

  • Reduce Mortgage Term
  • Lower Monthly Payments
  • Appraisal Waivers
  • Streamline Options Available

Idaho Cash-out Home mortgages

Idaho Equity Mortgage Loans

Cash-Out Mortgage Loans make use of the equity in your home by allowing you to refinance the current mortgage and access this equity to use as you see fit.

  • Debt Consolidation
  • Investment Opportunities
  • Home Improvement
  • Vacation or Education

Idaho Mortgage Team

Dale Gremillion

Sr Loan Officer
NMLS #210325

Conor Hayhurst

Branch Manager
NMLS #743506

Sam Klaburner

Sr Loan Officer
NMLS #140132

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