Is a Reverse Mortgage Right for You?

Having retired, and without a regular, consistent income, many seniors find themselves struggling financially to make ends meet and having to start looking for a part time job.

A viable solution to this problem may be a Hawaii reverse mortgage, which allows borrowers 62 and over to tap into the existing home equity without ever having to make a mortgage payment. The homeowner would still be responsible for upkeep, property taxes and homeowners insurance. The loan is paid off when the last borrower leaves the home or passes on.

If there is adequate equity, the homeowner can take out the loan as a lump sum advance, line of credit, or as a monthly payment they RECEIVE each month. If there is a mortgage balance that would be paid off with the proceeds, any remaining cash is the homeowners to use as they wish. It can be used for a vacation, remodeling, medical equipment or just to have cash reserves for unexpected emergency’s, the choices are unlimited.

When looking for a reverse mortgage, Hawaii residents will find that the following houses are eligible:

  • 2-4 unit houses
  • Single-family
  • Planned unit development
  • Modular houses
  • Condominiums
  • Some manufactured houses

With all this said, it is vital to understand that reverse mortgages are not for everyone, as they can have some serious consequences without proper planning.

Who Should Take Out a Reverse Mortgage?

A Hawaii reverse mortgage is a great option when the homeowner already has a contingency plan. When they have a budget, and a plan for selling the residence should they decide to move out—be it to a nursing home, to downsize or to your child’s home—a Hawaii reverse mortgage can work for you.

If the homeowner is struggling to make monthly payments after retiring, a reverse mortgage could be the lifeline they are looking for.
Always make sure that you have a good plan and have discussed this with your financial planner, your family and a professional reverse mortgage specialist before you make a decision.

To find out if and how much you qualify for, and whether a reverse mortgage is right for you, consult the author of this article or your financial advisor to discuss the pros and cons. For more information you can also visit: 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.


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