Reverse Mortgages

Shopping for a mortgage loan? We can help! Give us a call today at (808) 935-0678. Ready to get started? Apply Online Now.

Reverse mortgages (also referred to as "home equity conversion loans") enable older homeowners to tap into home equity without selling their home. Choosing between a monthly payment amount, a line of credit, or a one-time payment, you may get a loan based on your equity. The borrowed money does not have to be paid back until the homeowner sells the residence, moves out, or passes away. After you sell your home or you no longer use it as your primary residence, you (or your estate) must repay the lending institution for the money you obtained from your reverse mortgage as well as interest and other finance charges.

Who is Eligible?

The requirements of a reverse mortgage usually are being sixty-two or older, using the property as your main residence, and having a small balance on your mortgage or having paid it off.

Reverse mortgages are helpful for retired homeowners or those who are no longer working and need to supplement their fixed income. Rates of interest can be fixed or adjustable while the funds are nontaxable and do not interfere with Social Security or Medicare benefits. The lending institution isn't able to take the property away if you live past the loan term nor will you be forced to sell your residence to repay the loan amount even when the balance grows to exceed current property value. If you would like to learn more about reverse mortgages, please contact us at (808) 935-0678.

Family Mortgage Company of Hawaii, Inc. NMLS #244497 can answer questions about reverse mortgages and many others. Give us a call at (808) 935-0678.

Got a Question?

Do you have a question? We can help. Simply fill out the form below and we'll contact you with the answer, with no obligation to you. We guarantee your privacy.

Your Information
Your Question