A stretch of neatly mowed green where cattle once grazed has become Raymond’s personal park. It’s the reason he reached out to Idaho Housing and Finance to help him stay in the home where he’s lived for three decades.
After retiring, Raymond transformed an old pasture on the 2-acre property he bought in the mid-1990s into an open, manicured space he calls his sanctuary.
Raymond had been relying on Social Security and savings to cover his expenses. In recent years, he said, he began drawing more heavily from his IRA and needed extra income.
Without children to inherit the property, Raymond started exploring options. His attachment to the land made moving or selling difficult choices. His solution was a Home Equity Conversion Mortgage, commonly known as a reverse mortgage, through Idaho Housing and Finance.
“It’s good for seniors who need a little extra help supplementing their income but want to age in place,” said AnnMarie Nelson, the housing counselor supervisor at Idaho Housing and Finance. “Options like the Home Equity Conversion Mortgage remove the burden of a monthly mortgage payment while giving homeowners access to their equity.”
Raymond worked with a specialist at Idaho Housing who walked him through the process and made sure he understood how the loan works before moving forward.
In the end, staying put mattered most.
“When you get used to a 2-acre parcel around your home, you like that space,” Raymond said. “I’m glad I went with the reverse mortgage. I’m not rich, but financially, it’s made me a lot more comfortable.
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