Benefits of Hawaii Reverse Mortgage

If you’re 62 or above and a homeowner living in Hawaii, then a reverse mortgage is an excellent way to tap into your equity. A Hawaii Reverse Mortgage allows homeowners to tap into a portion of that equity and use the funds for whatever they choose. Moreover, the home remains in your name, exactly like a conventional mortgage—and you can still pass it on to your heirs.
It is a very good option for senior citizens who need money but may not qualify for a conventional/forward mortgage. Here, we will further discuss the benefits which you can reap if you apply for a reverse mortgage:

Limited Credit Score Requirements

Unlike a conventional home loan, you don’t need to have a super high credit score to qualify.

FHA Approved Loans

The reverse mortgage loans in Hawaii are secured by FHA. This means that you can get a reverse mortgage only from a lender approved by federal housing administration. This further increases the credibility of the loan you’re getting and levels the playing field. All reverse mortgages are guaranteed by FHA insurance.

No Monthly Payments

You are not required to pay monthly installments or mortgage interest payments. This is a huge plus as you don’t need to have to be employed. You are still responsible for paying for upkeep, home-owners insurance and property taxes. However, because you aren’t making a monthly payment, the interest is being added to the loan balance and could affect the amount your heirs would inherit. Therefore, you should consult your family members before getting a reverse mortgage.  

No tax levied

A Hawaii reverse mortgage is a loan and therefore not considered taxable income. However, you should still consult a tax expert if you have any concerns or questions.

You own the home

Of the many benefits which come with a reverse mortgage in Hawaii, one is that you don’t need to leave the home. You still own the property and can stay there as long you live.

Use the money as you see fit

There are no restrictions on the use of your money. You can use this money for:

  • Renovating your house
  • Buying new property
  • Visiting the grandkids or taking a much deserved vacation
  • It’s your money – use it as you see fit!

These are just some of the ways you may benefit from a Hawaii reverse mortgage. For detailed information, consult the author of this article or your financial advisor to discuss the pros and cons.
For a FREE, no-obligation quote, contact Daniel Nicolosi at Harbor Financial Group – Your Aloha Mortgage Solution. You can reach him directly at (808) 799-8218 on Oahu; or Toll Free at 888-423-2468 from the Outer Islands.

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