Top 6 Things Every Family Member Should Know

Reverse Mortgages with Aloha

The top 6 things every family member should know.

WHAT IS A REVERSE MORTGAGE?

A reverse mortgage is a unique, versatile loan that allows homeowners age 62 and over (who wish to remain in their home) to convert a portion of their home equity into tax-free cash without having to sell their home, relinquish title or ever make monthly mortgage payments. The only time the loan becomes due is when the last borrower permanently leaves the home.

PROVEN SAFE

To date more than 640,000 seniors homeowners have benefited from a reverse mortgage. HECM reverse mortgages are government FHA insured loans with many safeguards in place to protect seniors from unethical lending practices.

A REVERSE MORTGAGE CAN ELIMINATE FINANCIAL STRESS

By eliminating the mortgage payment or unlocking their home’s equity by taking cash out, many seniors will have the ability to purchase the necessities of life knowing they will not become a financial burden on their family.

GOVERNMENT ASSISTANCE

Federal benefits such as Social Security and Medicare are generally not affected by a reverse mortgage. For information on State benefits, such as Medicaid, consult appropriate government agencies.

THE SENIOR HOMEOWNER KEEPS TITLE TO THEIR HOME WITH A REVERSE MORTGAGE

The senior retains full title to their home. This loan simply creates a lien against their property that is paid off when they no longer occupy the home…similar to a conventional ‘forward’ mortgage.

REPAYMENT OPTIONS

The senior homeowner nor their heirs will ever owe more than the appraised market value of their home at the time of repayment of the loan.

When the last-remaining homeowner passes away the heirs can simply pay off the reverse mortgage principal plus accrued interest, just as in a traditional ‘forward’ mortgage. If the family wants to keep the home, they can take out a new mortgage or use other assets to pay for it. If no one in the family is interested in keeping the home, it can be sold to repay the loan. Any money left over goes to the estate to be shared according to the homeowner’s last wishes.

When you call we will tell you in less than 10-Minutes exactly how much your family member is entitled to. No personal information will be needed, simply provide the birth date(s), zip code, approximate home value and current mortgage balance.

Be sure to ask about our FREE appraisal offer (reimbursed at closing).

Call or email to find out how much you may be eligible for:
(Never an obligation)

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Hawaii Reverse Mortgage Help Line

Hawaii Reverse Mortgage
HELP LINE

(808) 799-8218 (Oahu)
1-888-423-2468 (Neighbor Islands)
Mon - Sat: 9 AM - 7 PM