Reverse Mortgage Hawaii

A Reverse mortgage is a home loan that is for senior homeowners 62 years or older which requires no monthly mortgage payment. It allows the homeowner to access some of the  home equity that they have accumulated over the years and defers the payment of the loan until they move, sell or die. Because no mortgage payment is required, the interest is added to the balance of the loan every month. So unlike a conventional, or forward mortgage where the balance goes down every month because you are making a payment, the mortgage balance actually goes up on  a Reverse Mortgage. Whatever equity is remaining at the conclusion of the loan, can be passed on to the heirs, just as in a forward mortgage. The proceeds from a reverse mortgage can be received  as a lump sum in cash, monthly payments you “receive,” a line of credit or as a combination of all.
Below are some of the advantages of a reverse mortgage.

  1. A reverse mortgage requires no mortgage payments until either the home is sold or you and your partner pass away.
  2. The payments from the reverse mortgage are tax free because it’s a loan, not income.
  3. Amount one owes can never exceed the appraised value of the property at the time of disposal.
  4. Loan repayment can be done at any time, there is no pre-payment penalty.
  5. Interest that is paid on a reverse mortgage is tax deductible at the time of disposal or completion of the loan.
  6. In case of a downturn in the investment market, a reverse mortgage loan can fill the gap until the time your investments show maturity or are stabilized.
  7. One is not responsible for any shortfalls in case the interest rates rise and the house values drops. In other words, if at the conclusion of the loan, the balance is greater than the current appraised value, the FHA Insurance pays the difference.

 Before you determine whether a reverse mortgage in Hawaii is the best option for you, review all the available information available. A Hawaii reverse mortgage can help you in maintaining your independence and solving cash flow problems in the event your social security or retirement benefits are not able to cover all the expenses you have.
The amount of funds available are determined by the age of the youngest borrower, and the equity available in your home.

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 are eligible for.


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