Reverse Mortgages

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Reverse mortgages (also called "home equity conversion loans") give older homeowners the ability to use their equity without the necessity of selling their home. Deciding how you prefer to be paid: by a monthly payment, a line of credit, or a lump sum, you can receive a loan based on your home equity. The loan does not have to be paid back until the homeowner sells the residence, moves out, or passes away. You or representative of your estate is required to pay back the reverse mortgage funds, interest accrued, and finance charges after your house is sold, or you no longer live in it.

Who is Eligible?

The conditions of a reverse mortgage usually are being sixty-two or older, maintaining the home as your primary living place, and having a low balance on your mortgage or having paid it off.

Many homeowners who are on a limited income and find themselves needing additional money find reverse mortgages helpful for their situation. Rates of interest may be fixed or adjustable and the money is nontaxable and doesn't affect Social Security or Medicare benefits. The lending institution cannot take the property away if you live past the loan term nor will you be made to sell your residence to pay off the loan even when the loan balance is determined to exceed property value. Contact us at (808) 935-0678 if you want to explore the advantages of reverse mortgages.

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