Aloha Mortgage Solutions
Reverse Mortgages with Aloha
700 Bishop Street, Suite 210, Honolulu Hawaii 96813
Reverse Mortgage Lenders Hawaii and What to Look For
In this article, we will take a closer look at the ways in which a reverse mortgage can help you to fund your retirement, as well as how you can select the best reverse mortgage lender in your area.
Guaranteed Reverse Mortgages
One of the more popular forms of reverse mortgages is the Home Equity Conversion Mortgage (HECM), which is the only reverse mortgage of its kind to be insured by the Federal government. FHA insures the loan and sets guidelines that every lender must follow in order to protect the senior homeowner. There are 4 ways you can receive the cash, in a lump sum, a line of credit, a monthly payment you receive instead of make or a combination of these.
Other Types of Reverse Mortgage
There are other kinds of reverse mortgage available, such as the proprietary reverse mortgage. These reverse mortgages are offered by some financial institutions and major banks. The cash amount that you will receive is free of taxation, the same as is any reverse mortgage, and can be spent in any way you see fit. However, these mortgages are usually for “jumbo” loan amounts (over $625,000) and are by far the most expensive, as they charge much higher fees and interest.
One of the things that you should do before you sign any documents relating to a reverse mortgage is to make sure that you are dealing with a bona fide, experienced local company. There are many good and honest reverse mortgage lenders in Hawaii, but there are also plenty of inexperienced ones as well, so make sure that you check them out thoroughly, including references–otherwise it could cost you unnecessarily long closing times and expenses.
A lot more people are considering the benefits of a reverse mortgage as it is one way of getting their hands on much needed cash and supplementing there retirement income…without having to make a monthly mortgage payment every month. The repayment of a reverse mortgage does not fall due until the home is either sold, or the last remaining homeowner either passes on or moves permanently into a care home.
For more information and 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 on the Neighbor Islands.
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