Tips on a Choosing a Reverse Mortgage Lender in Hawaii

Most senior’s home equity is about 30-40 percent of their net worth.  Regardless of this wealth, a huge number of seniors cannot afford to do necessary repairs to their homes after they retire and are living on a fixed income. This makes aging at home sometimes difficult since they cannot afford to do necessary repairs or update their home. If you have adequate equity in your home and you are at least 62 years old, you can apply for a reverse mortgage to eliminate your mortgage payment, turn your equity into cash and still own your therefore allowing you to pass the remaining equity on to your heirs. Although you can eliminate your mortgage payment, you would still be responsible for paying your property taxes, homeowners insurance, and upkeep on your home. The following are tips on choosing reverse mortgage lenders in Hawaii:  

Talk to Your Bank

One of the great places to start your research is your local bank. With the help of professionals from your bank, you can get detailed information regarding rates, terms, and variation on the Reverse Mortgage. However, not all banks offer this service.

Speak with a Local Mortgage Broker

The advantage of using a mortgage broker is they, unlike banks, can shop for the best lender based on many criteria such as your personal situation, rates, turn-times, and ease of working with them.

Understanding the Different Types of Reverse Mortgages

Before selecting a particular reverse mortgage lender in Hawaii, it is essential that you understand the different variations of a reverse mortgage. For example, you can choose either a Fixed Rate Mortgage or an Adjustable Rate mortgage. And with each of these two types, there are variations that have their own pros and cons. It’s important to know that there is no “one size fits all” when it comes to a reverse mortgage, so again, be sure to inform the lender what your particular needs and situation are, and what you wish to accomplish with a reverse mortgage. This will enable your lender to provide you with a program that best suits your needs.


Look for lenders and a Reverse Mortgage Specialist who have at least a few years experience and have been in the business with a solid reputation. You should also do some background checks on the lender, such as, do they have any complaints filed against them. This will help in ensuring that you are dealing with a genuine, bona fide and experienced individual or company. There are several reputable and experienced reverse mortgage lenders in Hawaii so take your time in doing research before settling on a particular lender.

Meet and Speak Personally to the Lender

After selecting a few lenders, it is important that you personally speak to the selected few. This will enable you to judge their personality, how they treat their clients and also to check out what each lender is offering. You should ask about the different documents you will require for an approval, the time the process takes and any other questions you may have. This will enable you to make an informed decision.  

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 your 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 usually tell you whether you are eligible, and how much you may be eligible for.

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