Boise Reverse Mortgages and Home Loans

Boise has grown up fast. If you bought here twenty or thirty years ago, there's a good chance your home is worth a lot more than you ever planned on, and your property tax bill probably noticed too.

That's usually where the conversation starts with Boise homeowners. How do I use some of this equity without giving up the house? And how do I keep up with taxes and insurance while I do it?

The short version

• We help with reverse mortgages and regular home loans for Boise homes, through our Idaho loan officers.
• Reverse options include the HECM, the HECM for Purchase, and proprietary (jumbo) programs where available.
• Idaho's homeowner's exemption and circuit breaker can lower your property taxes.
• Idaho's tax deferral program isn't open to homes with a reverse mortgage. If you're in it, we'll plan the payoff.
• Moving within the Treasure Valley? A HECM for Purchase can help you buy with no required monthly mortgage payments. You must continue to pay property taxes and homeowners insurance, maintain the home, and meet the other loan terms.

Reverse mortgages for Boise homeowners

The HECM

The HECM is the FHA-insured reverse mortgage. You must be 62 or older, live in the home as your primary residence, and have enough equity. You can take a line of credit, monthly payments, a lump sum, or a mix.

There are no required monthly mortgage payments. You must continue to pay property taxes and homeowners insurance, maintain the home, and meet the other loan terms.

We don't charge a monthly servicing fee on our HECMs.

The HECM for Purchase

The HECM for Purchase lets you buy a home with a down payment plus a reverse mortgage, with no required monthly mortgage payment afterward. You must continue to pay property taxes and homeowners insurance, maintain the home, and meet the other loan terms.

It's a good fit if you want to trade a two-story house for a single-level one, or move closer to family, and keep more of your savings in the bank. The new home must become your primary residence within 60 days of closing. We can generally close in 30 days or less, but we always follow the contract.

Proprietary (jumbo) reverse mortgages

If your home is worth more than the HECM limit, a jumbo reverse mortgage may be worth comparing. We work with programs including Mutual of Omaha Secure Equity, Finance of America HomeSafe, Longbridge Platinum, Smartfi Choice, Nationwide Equities EquityPower, and MCM Holdings MCM Edge. Finance of America's HomeSafe Standard is approved in Idaho, and availability for the others varies. See Lending Limits for the current HECM limit.

Idaho property taxes, Boise edition

The homeowner's exemption

If your Boise home is your primary residence, Idaho's homeowner's exemption takes 50 percent of the home's value, plus up to one acre of land, off the taxable value, up to a cap set by law. You apply once with the Ada County Assessor, and it stays in place until ownership changes or you stop living there. A reverse mortgage doesn't change who owns the home, so it shouldn't affect the exemption.

The circuit breaker

Idaho's Property Tax Reduction program, the "circuit breaker," can lower property taxes for homeowners who are 65 or older (or meet another qualifying status) with income under a yearly limit. You apply with the Ada County Assessor between January 1 and April 15, and you reapply every year.

The City of Boise has also offered a property tax rebate to circuit breaker recipients in recent years. Ask the city whether it's offered this year.

The deferral program, and why it matters

Idaho's Property Tax Deferral program lets some homeowners put off the property taxes left after the circuit breaker. But it isn't available if the home has a reverse mortgage or a home equity line of credit. If you're in the deferral program today and want a reverse mortgage, expect the deferred taxes and interest to be paid off at closing, usually from the loan.

I'll put both options side by side before you decide.

Insurance and your reverse mortgage

With a HECM, you must keep homeowners insurance on the home. If the home is in a FEMA Special Flood Hazard Area, flood insurance is required too. If your home backs up to open land, ask your agent about wildfire coverage before you apply.

Your insurance premium is part of the financial assessment. Most of the people I work with pass it, because we take the time to explain any credit hiccups the right way. If taxes and insurance look tight, part of the loan can be set aside to pay them for you.

Condos, townhomes, and manufactured homes

For a HECM, a condo generally needs FHA project approval, or the unit may qualify through single-unit approval. Some jumbo programs accept condos that aren't FHA-approved.

A manufactured home can qualify if it was built after June 15, 1976, sits on a permanent foundation, and is classified as real property. In a townhome or planned community, HOA dues and assessments are part of what you must keep paying.

Home loans for Boise buyers and owners

We also help with:

• Buying a home and seeing your buying power before you shop.
• Refinancing.
• Home equity loans and HELOCs.
• FHA loans, conventional loans, and jumbo loans.
• VA loans for eligible veterans and service members.

Request a rate quote for your numbers.

How we work with Boise clients

1. A conversation by phone or video about your goals, taxes, and insurance.
2. Counseling with an independent, HUD-approved counselor for a HECM, usually by phone or video. See Reverse Mortgage Counseling.
3. Application and appraisal. An FHA appraiser visits the home, or the home you're buying.
4. Signing, usually with a mobile notary at your home.

Boise resources

• Idaho State Tax Commission: Homeowner's Exemption
• Ada County Assessor: Property Tax Deferral Program
• Idaho Commission on Aging
• HUD-approved housing counselors: hud.gov/counseling or (800) 569-4287

Common questions

Can I get a reverse mortgage on my Boise home if it's worth more than the HECM limit?

Yes. A higher-value home still qualifies for a HECM. The limit only caps the value used in the math. A jumbo program may give you more, so I'll compare both.

Will a reverse mortgage affect my homeowner's exemption?

It shouldn't. You still own the home and live there.

I'm in Idaho's tax deferral program. Can I still get a reverse mortgage?

Yes, but HUD doesn't let a HECM borrower stay in a tax deferral program, and other liens are allowed only if they're subordinate to the HECM, so the deferred taxes are generally paid off at closing. We'll build that into your estimate.

Can I buy a smaller home in Boise with a reverse mortgage?

Yes, with a HECM for Purchase, if you're 62 or older, the home will be your primary residence within 60 days of closing, and you meet the other HECM requirements, like counseling and the financial assessment.

Do I need flood insurance for a reverse mortgage in Boise?

Only if the home is in a FEMA Special Flood Hazard Area. Check the flood map before you apply.

Next step

Get My Estimate, find a loan officer for Idaho, or call us at 530-888-6000. See our Idaho page and the full guide to Reverse Mortgages.

Sources

• Idaho State Tax Commission, Homeowner's Exemption: tax.idaho.gov
• Idaho State Tax Commission, Property Tax Reduction brochure (2026): tax.idaho.gov
• Ada County Assessor, Property Tax Deferral Program: adacounty.id.gov
• "Boise will offer property tax rebate to low-income seniors, veterans, disabled homeowners on the circuit breaker," BoiseDev, October 26, 2022: boisedev.com
• HUD Mortgagee Letter 2019-17, summarized by Hinshaw & Culbertson: hinshawlaw.com
• HUD, FHA Reverse Mortgage for Seniors (HECM): hud.gov