Reverse Mortgage Calculator

A Reverse Mortgage or HECM in Idaho is a great options for Seniors over the age of 62.  A person can get a Reverse Mortgage, say in Boise or Meridian Idaho to pay off an existing home loan.  Another option is to get a Reverse Mortgage to pay off existing debts or consolidate debt.  And a Reverse Mortgage can allow a borrower to purchase a new home, if they want to sell their 2 story home in Meridian and move to a single level home in Nampa.

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Focus on the 5 columns on the Reverse Mortgage Calculator I have highlighted below.  The other columns are for other states that offer or have different restrictions on Reverse Mortgages.

  • HECM Monthly:  This allows you to refinance or purchase a home and draw monthly from the LOC or Line of Credit, interst rate adjusts monthly.
     
  • HECM Annual:  This allows you to refinanceor purchase a home and draw monthly from the LOC or Line of Credit, interst rate adjust yearly.
     
  • Annual NH & Month NH:  Only avilable in New Hampshire
     
  • Annual Libor:  This allows you to refinance or purchase a home, and receive a lump sum payment 1 time, interest rate adjusts monthly.
     
  • Monthly Libor:  This allows you to refinance or purchase a home, and receive a lump sum payment 1 time, interest rate adjusts yearly.
     
  • Fixed B:  This allows you to refinance or purchase a home, and receive a lump sum payment 1 time, interest rate is fixed for term of loan.

 

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1st Choice Mortgage Company, LLC | NMLS #380736
3023 E. Copper Point Dr., Suite 101, Meridian, ID 83642 | View Map

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Phone: (208) 375-5626
Fax: (208) 375-5970