A Reverse Mortgage is a product created by the United States Department of Housing and Urban Development (HUD) to assist homeowners over the age of 62 (with a substantial amount of equity in their property) to gain greater financial security by tapping into the equity in their home. Ireland Bank is pleased to be one of the few institutions in southeastern Idaho to offer this valuable service.

Unlike typical mortgage products, the reverse mortgage allows you to take advantage of the equity in your home without having the burden of repayment as long as you are able to live in the home as your primary residence. You maintain ownership of the property, and the principal and interest are only recovered when the property is sold or refinanced.

If the sales proceeds are insufficient to cover the outstanding principal and interest owed, HUD will pay the lender the amount of the deficiency. You pay an insurance premium to HUD as part of the loan to provide this coverage.

The size of the reverse mortgage is based on several factors including the age of the borrower, the interest rate, and the equity position in the home.

This loan can provide funds in a variety of ways including:

• A lump sum at closing
• A monthly payment
• A line of credit to be used as needed
• A combination of these

If you think a Reverse Mortgage might be right for you, please contact one of our knowledgeable real estate loan professionals to find out more information.