Essential Things You Should Know About a Hawaii Reverse Mortgage

We are encouraged to always save and plan for the future. However, despite all the plans that we make, we sometimes come up short. It is not necessarily that one failed to plan but maybe because of some unexpected event that can changed our plans. On the other hand, some people simply don’t plan for their retirement. If you own your home and have enough equity, you may be able to close any gaps or shortfall in your retirement plan with a Hawaii reverse mortgage. The following are things you should know about this unique and popular type of loan:

It Is Safe:

Reverse mortgages are FHA insured and feature many safeguards to ensure that the seniors are protected from scammers and unethical lenders. It should be noted that close to 1,000,000 homeowners nationwide have benefited from a Reverse Mortgage loan and more are applying for them daily. This is a clear indication that reverse mortgages are a genuine and legitimate loan option for senior homeowners.  

It Can Help Eliminate Financial Burden and Stress:

You can use a reverse mortgage to unlock your home’s equity and get cash that will help you in your retirement, or to pay off an existing “forward/conventional” mortgage. It can assist you in stretching your retirement income and bring the Golden, back into the Golden years. You can use the money you receive from your reverse mortgage any way you choose whether it be to remodel your kitchen, take a much deserved vacation, or assist your grandchildren with college tuition, the choices are endless as it is your money.

Repayment Terms:

One of the best things about a reverse mortgage is that you will never owe more than the considered market value of your property at the conclusion of the loan, whether because of death or you decided to sell and downsize. When the last homeowner passes on, the children or heir can pay off the principal of the loan or the current appraised value (whichever is less) and keep the home, or sell it and keep any remaining equity.

You Keep the Title of Your Home:

As in a “forward or conventional” mortgage, you retain title of your property. You can sell at any time with no pre-payment penalty, or pass it on to your heirs. As in any loan, the balance at the time of the extinction of the loan must be paid off. In the event more is owed than the appraised value at that time, the FHA insurance kicks in and pays the difference. The reverse mortgage does not become due unless you sell, or the last remaining owner on title passes on, or moves permanently into a retirement home.

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 you, consult the author of this article to discuss the pros and cons. For more information you can also visit: There you will find two short video’s, one title “Reverse Mortgages Explained;” and the other, “Testimonials of Real Hawaii Clients.”

For a 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 tell you how much you may be eligible for.

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