Reverse Mortgages

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In a reverse mortgage (also referred to as a a home equity conversion loan), homeowners of a certain age may use home equity for anything they need without selling their homes. Choosing between a monthly payment amount, a line of credit, or a lump sum, you can get a loan based on your equity. The loan does not have to be paid back until the homeowner sells his home, moves out, or dies. After you sell your home or you no longer use it as your primary residence, you (or your estate) have to pay back the lender for the funds you obtained from your reverse mortgage in addition to interest among other fees.

Who can Participate?

Typically, reverse mortgages are available for homeowners who are at least sixty-two years old, have a small or zero balance owed against your home and maintain the property as your main residence.

Homeowners who live on a fixed income and find themselves needing additional funds find reverse mortgages helpful for their situation. Social Security and Medicare benefits aren't affected; and the funds are not taxable. Reverse Mortgages may have adjustable or fixed rates. The home is never at risk of being taken away from you by the lender or put up for sale without your consent if you outlive your loan term - even if the current property value creeps under the balance of the loan. If you would like to find out more about reverse mortgages, feel free to call us at (808) 935-0678.

At Family Mortgage Company of Hawaii, Inc. NMLS #244497, we answer questions about reverse mortgages every day. Give us a call at (808) 935-0678.