Reverse Mortgages

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In a reverse mortgage (sometimes called a home equity conversion loan), borrowers of a certain age may use home equity for living expenses without selling their homes. The lender pays out funds based on your home equity amount; you receive a lump sum, a payment every month or a line of credit. The borrowed money doesn't have to be paid back until the borrower sells the residence, moves away, or passes away. You or your estate representative is obligated to pay back the reverse mortgage loan, interest , and finance charges when your home is sold, or you can no longer use it as your primary residence.

Who is Able to Participate?

The requirements of a reverse mortgage generally are being sixty-two or older, maintaining your property as your main residence, and having a low remaining mortgage balance or having paid it off.

Reverse mortgages are great for homeowners who are retired or no longer bringing home a paycheck and must add to their limited income. Interest rates may be fixed or adjustable and the money is nontaxable and doesn't interfere with Medicare or Social Security benefits. Your house is never at risk of being taken away by the lending institution or sold against your will if you live longer than your loan term - even if the property value dips under the balance of the loan. If you would like to find out more about reverse mortgages, feel free to 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: (808) 935-0678.