Facts on Reverse Mortgages in Hawaii

A reverse mortgage can be a great financial tool for seniors who want to age in the comfort and safety of their home. It is very important that you understand all things related to a reverse mortgage. Reverse mortgages are complex and confusing to some people. Below are some of the things that one should know concerning a reverse mortgage.

  1. All parties on title must be 62 years or older. The loan proceeds are based on the age of the youngest borrower.
  2. There must be adequate equity in your home to qualify. The exact amount, again, depends on the age of the youngest borrower.
  3. One must be living in the home as their primary residence. When all parties on the title/mortgage pass on, move into a care-home or sell the home, the loan becomes due. Generally the lender allows your heirs 6 months to refinance into their name or sell and repay it. Extenuating circumstances are considered on a case by case basis. Any remaining equity after the mortgage is paid off belongs to your heirs. This at times can affect people living in your home that are not on the title/loan.
  4. There is a financial assessment/test required to be sure that you have enough income to pay your taxes, insurance and home maintenance. A credit report and income verification are required. The credit and income requirements are much less stringent than on a conventional/forward mortgage.
  5. Counseling is required by a certified HUD agent. It takes approximately one hour. Because there are no counselors in Hawaii, you are provided an 800 number to make the call. All parties on title must participate in that session.
  6. Any remaining cash available after your current mortgage is payed off is available as either a lump sum, a monthly payment, a line of credit or a combination of these.

A reverse mortgage is not for everyone. It is always recommended to consult with your family, a financial advisor or a reverse mortgage specialist.
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: www.AlohaMortgageSolutions.com. There you will find 2 short video’s, one explaining Reverse Mortgages; 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 are eligible for.

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