It's helpful to work with reverse mortgage licensed specialists in the area because they understand the real estate environment in your state. Please fill out the form on this page to have a reverse mortgage specialist contact you. And of course, if you have any questions about applying for a reverse mortgage in Hawaii, don't hesitate to contact one of our specialists at any time.The Federal Housing Administration insures all home equity conversion mortgages in every state and Hawaii is no exception. Take the time to consider your reasoning behind applying for a reverse mortgage. Many seniors who are 62 and older are paying off debts, renovating their homes, and enjoying a retirement that's free from financial stress.
The High Price of Living in HawaiiLike several other states, Hawaii has a gradually increasing cost of living. Seniors living on limited funds find it difficult to pay the monthly bills, especially if those bills include mortgage payments and expensive medical bills. However, while you're living on a tight budget, the wealth that's found in your home's equity sits in idle. A reverse mortgage makes it possible for seniors who are 62 and older to access their home's equity. Seniors may qualify for either fixed or adjustable reverse mortgages, which will allow them to put their equity to use paying the aforementioned bills and enjoying a life with less financial burden. When you have a reverse mortgage, you don't have to pay interest payments or loan payments for as long as you own and live in your home.* The loan doesn't comes due until you move, sell the property, or pass away. You hold the title of the home and must pay property taxes, insurance fees, and home maintenance dues. When the loan comes due, you (or your heirs) have the option of selling the home or, if your heirs wish to keep the property, refinancing the loan as a traditional mortgage.
Moving to HawaiiSeniors who dream of moving to Hawaii can could use a reverse mortgage for purchase to buy a home anywhere in the state - or country. Similar to the other reverse mortgages, a reverse mortgage for purchase doesn't come due until you move out of the home, sell the home, or pass away. However, there is one limitation to keep in mind - HECMs only apply to primary residences. You can't purchase a vacation home with a reverse mortgage.
Reverse Mortgage Specialists in HawaiiOne Reverse Mortgage works with multiple reverse mortgage licensed specialists in Hawaii. Please fill out the form on this page to have a reverse mortgage specialist contact you.
*Homeowner must still maintain the property and pay homeowners insurance and property taxes to avoid foreclosure.