Reverse Mortgages

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With a reverse mortgage (also called a home equity conversion loan), borrowers of a certain age may use home equity for living expenses without having to sell their homes. The lender gives you funds based on your home equity amount; you get a one-time amount, a payment each month or a line of credit. The borrowed money does not have to be paid back until the borrower sells his home, moves out, or dies. You or your estate representative must repay the reverse mortgage amount, interest , and other finance fees at the time your property is sold, or you can no longer use it as your primary residence.

Are you Eligible?

The conditions of a reverse mortgage loan usually include being 62 or older, using the house as your main residence, and having a small remaining mortgage balance or having paid it off.

Reverse mortgages are helpful for homeowners who are retired or no longer working and need to add to their limited income. Interest rates may be fixed or adjustable while the funds are nontaxable and do not adversely affect Social Security or Medicare benefits. The lending institution can't take away your residence if you live past the loan term nor will you be forced to sell your home to repay your loan amount even if the loan balance is determined to exceed property value. Contact us at (808) 935-0678 to look into your reverse mortgage options.

Family Mortgage Company of Hawaii, Inc. NMLS #244497 can walk you through the pitfalls of getting a reverse mortgage. Call us: (808) 935-0678.