For Immediate Release:

March 26, 2012

Honolulu, Hawaii

“We’re extremely proud to announce this new service for Hawaii’s Seniors. We have dedicated reverse mortgage experts standing by. We can answer all of your questions, and provide you with valuable information regarding how a Hawaii Reverse Mortgage works, and how you or a loved one (62 Older) may benefit from a Hawaii Reverse Mortgage.”

Daniel Nicolosi NMLS#240914
Hawaii Reverse Mortgage Specialist
Certified Senior Advisor (CSA)®

Hawaii Reverse Mortgage- HELP LINE Established for Hawaii Seniors 808-426-7868 (Oahu) – 888-995-8895 (Outer Islands) Get Answers. Speak to an Expert.

Hawaii Reverse Mortgage Information:

How it Works and Removing the Mystery

Reverse Mortgages are gaining in popularity, but are still greatly misunderstood. This is unfortunate for the seniors that could truly benefit. Reverse Mortgages were designed to assist, not hurt seniors and are therefore 100% Federally regulated. The Department of Housing and Urban Development (HUD) and the Federal Housing Administration (FHA) have designed and regulate all Home Equity Conversion Mortgages (HECM). They have regulated closing costs, ownership/title rights, and interest rates to protect senior homeowners. These regulations apply to ALL lenders thereby protecting and allowing the senior homeowner to tap into the equity of their home without having to sell.

Hawaii Reverse Mortgage Information:

What is a Reverse Mortgage?

Simply put, a Reverse Mortgage is a unique, versatile loan that allows homeowners, age 62 and over to convert a portion of their home equity into tax-free* cash—without having to sell their home, relinquish title, or ever make monthly mortgage payments. The loan becomes due when the last borrower permanently leaves the home.

Reverse Mortgage -vs- Home Equity Line of Credit (HELOC)

Another way to explain a Reverse Mortgage is that it is a lifetime mortgage, or rather what some refer to as an equity release. One is able to unlock, or ‘release’ equity, that up until the Reverse Mortgage, could only be obtained by either taking a Home Equity Line of Credit (HELOC) or by selling the home. The problem with the HELOC is that there are credit score and income requirements AND a monthly payment is required by the homeowner. Whereas with a Reverse Mortgage, credit score and income are not used in calculating eligibility. And there is no monthly mortgage payment required. Selling IS an option to a Reverse Mortgage for those who might want to downsize, or move closer to family; however, for most seniors, staying in safe, familiar surroundings is paramount.

The Reverse Mortgage can truly be a lifeline for those that are retiring on a fixed income, with an ever increasing cost of living.

This loan allows seniors to access a portion of their equity based on age and the appraised value of their home. There are four options for those who choose to access their equity:

- As a single lump sum,
- As a monthly payment FROM the bank,
- As an equity line checkbook you can draw on,
- Or a combination of the above.

How a Hawaii Reverse Mortgage Works:

How This Loan Can Assist Your Parents

You might be reading this as the adult child of a senior, who is trying to assist their parent in determining if a Hawaii Reverse Mortgage is a viable option for them. There are a lot of myths about Reverse Mortgages that only a professional can dispel. Education, investigation and keeping an open mind are essential factors in the decision making process.

Consider that, as the adult child or if you are now in the caretaker position, a Reverse Mortgage can take the burden off of you financially and allow your parents the dignity of not only remaining in their home, but in remaining financially independent. And as children, we all want what is best for our parents and a Reverse Mortgage can truly make a positive difference.

Reverse Mortgage benefits for Hawaii Seniors:

There are a number of ways a Reverse Mortgage can assist Seniors in Hawaii:

- Paying for more expensive prescription drugs,
- Paying the new taxes coming on medical devices,
- Home maintenance and repairs—or even a remodeled kitchen

A fixed income of pension and social security income may just not be enough to cover all these increasing expenses. So, with that in mind, a Reverse Mortgage can be much needed solution for the average senior.

In closing, a Reverse Mortgage can ease financial hardships, free up equity locked in the home, and provide greater freedom.

For more information. Call Our Reverse Mortgage HELP LINE for Hawaii Seniors.

Get Answers. Speak to an Expert.

CALL 808-426-7868 (Oahu)
CALL 888-995-8895 (Outer Islands)

Our Dedicated HELP LINE for Hawaii Seniors is open from 9:00 a.m. to 7:00 pm (Monday – Saturday).

• If it took a long time for them to get back to you before you start working with them, then it may be even more difficult to reach them once you start the process.  You want your person to be available and supportive to you during the whole process.

   2.   How many years experience do they have in the mortgage industry? And of these years how many have been focused on Reverse Mortgages?

•  Taking out a reverse mortgage may be the biggest decision of your life. You deserve a Mortgage Loan Originator that has the knowledge, know how and experience.  With knowledge, experience, and age, comes wisdom. You want someone who can support you to find out what is best for you, even if that means saying, “No, this may not be a good program for you.”

   3.   Are they local?

•  What options do you have to learn more. Will they take the time to not only sit with you in their office, but take the time to travel to your home?
•   Do they understand our local Hawaii real estate market.

   4.   Do they have access to the major types of reverse mortgages?

•  When you are considering reverse mortgages there are choices and it’s important to make the right choice.  One example is having a choice between a fixed or an adjustable interest rate.

   5.   How to they relate to you and other people?

• Are they easy to talk with
• Are you comfortable around them
• Do you feel you can ask questions anytime or do you feel they are too busy for you
• Do they have aloha?
• Do they take time for you to talk with you about your special circumstances?

   6.   Do they have verifiable local references?

• It’s important to talk to others who have worked with them throughout the process, from beginning to end.
• Were they honorable, responsive, helpful and accomodating?

   7.   Did they offer to give you the tools you need to answer your own questions

•  Do they have a website
• Do they have a DVD or written material explaining the pros and cons of a reverse mortgage

   8.   Did they offer to meet with your family?

• Most family’s talk about these things openly, the more you have input, the better informed you will be, and the easier to make the right decision as to whether a reverse mortgage is right for you.

2. The Reverse Mortgage is 100% federally regulated. The Department of Housing and Urban Development (HUD) and the Federal Housing Administration (FHA) have designed and regulate all HECM Reverse Mortgages. They have regulated closing costs, ownership/title rights, and interest rates to protect senior homeowners. These regulations apply to ALL lenders.

3. The Reverse Mortgage is a “non-recourse” loan. This means that the loan is against the value of the home—not against any other assets of your estate. A Reverse Mortgage can never be “called” and should something happen to lower the value of the home, the federal government protects you with a guarantee that you will never be responsible for the difference.

4. There is no “time-limit” with a Reverse Mortgage. The loan lasts as long as the home remains your primary residence.

5. A Reverse Mortgage counseling session is required with a HUD approved, third party representative. Their job is to educate and inform you of ALL aspects of the Reverse Mortgage program. Counseling sessions are required prior to the appraisal being ordered and the loan closing.

6. The Reverse Mortgage carries a low interest rate (with a fixed option). The rate is indexed to the U.S. Treasury bond, NOT the stock market.

7. The Reverse Mortgage protects your rights as a homeowner.

8. The Reverse Mortgage has no health requirements, credit minimums or income limits. Neither your income level nor your credit score have any bearing on qualifying for a Reverse Mortgage. A physical is not required as there are no health restrictions. The loan is based on your age, the value of your home and the equity available.

9. The Reverse Mortgage is very flexible as to how you receive your funds. You can choose to receive a lump sum, a line of credit, a monthly payment, or any combination of these methods (depending on your equity). You can use the funds however you choose (a vacation, your grandchildren’s education, home improvements, etc…) and the funds are 100% tax-free!

10. The Reverse Mortgage can supplement your fixed income during retirement and can assist in any long-term care expenses. It is an extremely safe way to ensure that increasing costs, a shrinking economy and a longer retirement do not lower your standard of living and the enjoyment of retirement that you have so duly earned!

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