A Closer Look at Reverse Mortgages

A reverse mortgage is a type of home equity loan that only available to senior homeowners.  Unlike other types of loans (conventional/forward mortgage), this type of loan does not require monthly mortgage payments.  Taxes, insurance, and maintenance are still required to be paid by the homeowner.  This loan only needs to be repaid after the last remaining borrower passes away or sells the home.
Reverse mortgages are loans only available to homeowners who are 62 years or older.  These loans allow senior citizens to refinance based on the current appraised value of their home, the current equity, and their age.  Although income is considered, it is far less stringent than what is required of a conventional/forward mortgage.  

Many senior homeowners consider a reverse mortgage only when a financial setback occurs, which in many cases creates a lot of unnecessary stress.  As more and more senior homeowners take advantage of the reverse mortgage, the myths and concerns of this type of loan are being dispelled.  In fact, many prominent financial consultants are now aware of the benefits of using the reverse mortgage as part of their clients overall financial planning, as opposed to using it as a last minute resort to solve an unexpected financial calamity.

Those Who Will Benefit From a Reverse Mortgage

This type of mortgage is ideal for any senior homeowner who:

  • Wants to age in the comfort and security of their own home
  • Can afford the taxes, insurance, and regular maintenance of their home
  • Want to gain access to some of their hard earned equity to live more comfortably; whether it be a vacation to see their grandkids, take a once in a lifetime cruise, remodel the kitchen, or have access to funds should a major unexpected home repair become necessary.
  • Want to retain ownership and be able to pass the home and remaining equity to their children.

Although the government does not provide the funding for these loans, they are regulated by HUD, and FHA Insured to protect BOTH the lender and homeowner.

Options for Receiving Hawaii Reverse Mortgage Funds

  • As a single lump sum at closing,
  • As a monthly payment to YOU from the bank,
  • As an equity-line-of-credit you can draw on as needed,
  • Or a combination of the above.

You’ve Invested a Lifetime, Now Reap the Rewards

A reverse mortgage is not for everyone. It is always recommended to consult with your family, a financial advisor, and/or a reverse mortgage specialist before proceeding.

To find out how much you qualify for, and whether a reverse mortgage is right for your particular situation, please feel free to consult the author of this article to discuss the pros and cons.

For more information you can also visit: www.AlohaMortgageSolutions.com.  There you will find two short video’s, one 3 minutes long titled: “Reverse Mortgages Explained;” and the other 5 minutes long titled: “Testimonials of Real Hawaii Clients.”

For your FREE, no-obligation quote, contact Daniel Nicolosi, at Harbor Financial Group – Your Aloha Mortgage Solution, in Honolulu. You can reach him directly at (808) 799-8218 on Oahu; or Toll Free at 888-423-2468 from the Neighbor Islands. Within 10 minutes he can usually tell you whether you are eligible, and how much you may be eligible for.

Call or email to find out how much you may be eligible for:
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