Hawaii Reverse Mortgage (Home Equity Conversion Mortgage – HECM)
Important facts about the Hawaii Reverse Mortgage:
• You own your home – not the bank! • You never make another mortgage payment while you live in the home. • You can refinance or sell whenever you want with no penalty. • The money you receive as a result of this loan is tax-free. • You can use your loan proceeds any way you wish. • Reverse Mortgages are available for a purchase loan. • Credit is not a factor for qualifying.
The federally-insured Home Equity Conversion Mortgage (HECM) is the most popular type of reverse mortgage on the market today and was created in order to make it easier for people over 62 years of age to access the equity in their home.
The HECM allows homeowners to stay in their homes as long as they wish without making a monthly mortgage payment—provided homeowner's insurance and taxes are kept current, and the home is kept in good repair. Not only does the HECM eliminate monthly mortgage payments, but it can also be used to receive additional funds. How these additional funds are dispersed can be customized in order to suit each individual homeowner's needs. The amount of money that an eligible homeowner can receive depends on their age and the amount of equity they have in their home. There are absolutely no restrictions on what can be done with the funds disbursed from a reverse mortgage! The HECM becomes due when none of the original borrowers live in the home, if taxes or insurance become delinquent, or it the property falls into disrepair.
Contact us for a consultation and have all of your Hawaii reverse mortgage questions answered today!
You’ll find out: Do you qualify for a reverse mortgage? How much money could you get? Is a reverse mortgage right for you? How does a reverse mortgage work? What kind of reverse mortgage products are available?
PHL is now licensed to offer home loans in California and Hawaii.
Call us toll free 866-289-2778 or local 808-891-0415 Email us if you have any questions. Click get pre-qualified to get started on the loan process right away.
Pacific Home Loans - Financing Your Paradise!
Mangum Mortgage, Inc.
Federal Trade Mark: Pacific Home Loans
DBA Hawaii: Pacific Home Loans
Artistic Photography by Justin Shaw
Contact: (808) 757-1079
Toll Free: (866)389-2778
2395 S Kihei Rd #205
Kihei, HI 96753
Hours: M-F 8am to 5pm Hawaii Time