A reverse mortgage is a special type of a residential mortgage loan that enables senior homeowners the means to receive a portion of the equity they hold in their homes in cash; in a lump-sum payment, a line-of-credit or monthly income (or a combination thereof).

Borrowers have unrestricted use of funds and can use them for such vacations, pay off existing mortgage, home renovation, and financial purposes as early inheritance, in-home healthcare, estate planning, security.

    • All borrowers must be 62 years or older and own (or hold in trust) an eligible property

    • Property must be primary residence, fee simple up to 4 units (certain leasehold properties also may be eligible)

    • Single family/condos (FHA approved).

      FHA maximums:

    • $544,185 - Honolulu, Kauai, Maui

    • $470,250 -- Hawaii

    • Funds are tax-free.

    • No monthly repayment.

    • No prepayment penalty.

    • Loan repayment can never exceed value of property and, once the loan is paid off, the ownership of the home may remain with the heirs.