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. Find out How Much You Qualify For.

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

Our Reverse Mortgage HELP LINE serves Oahu, Maui, Kaui, and Hilo. Hours of Operation 9:00 a.m. to 7:00 pm (Monday – Saturday).

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