Reverse Mortgage Specialists in Kailua, HI
Compare reverse mortgage specialists in Kailua. Review contact information and insurance categorys before you decide.
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State Mortgage Licensing Authority of Hawaii before hiring.
Showing 11 reverse mortgage specialists in Kailua, HI
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A reverse mortgage specialist in Kailua Hawaii helps homeowners aged 62 and older access their home equity without selling. Hawaii law requires that borrowers receive counseling from a HUD approved agency before applying. Kailua residents often use reverse mortgages to supplement retirement income or cover home improvements in this high cost area.
What Does a Reverse Mortgage Specialist in Kailua Cost?
Typical costs for a reverse mortgage in Hawaii include an origination fee of up to 2 percent of the home value, a mortgage insurance premium of 2 percent of the appraised value, and closing costs ranging from 2000 to 5000 dollars. Appraisal fees in Kailua average 500 to 800 dollars. These costs are usually rolled into the loan balance. This is general information and not mortgage or financial advice.
* Cost estimates are general ranges based on publicly available data and compiled using automated research tools. Actual fees vary by agent and case complexity. This is not mortgage or financial advice — consult directly with an agent for fee specifics.
Frequently Asked Questions
What are the eligibility requirements for a reverse mortgage in Kailua Hawaii?
You must be at least 62 years old and own your home outright or have a low mortgage balance. The home must be your primary residence. Hawaii law does not add extra age or property requirements beyond federal rules.
How does a reverse mortgage affect my heirs in Hawaii?
Heirs can keep the home by paying off the loan balance or selling the property. If the loan balance exceeds the home value, heirs owe no more than the appraised value. Hawaii probate rules may apply if the estate goes through court.
Are there Hawaii specific laws about reverse mortgage counseling?
Yes. Hawaii Revised Statutes Section 480E requires that all reverse mortgage borrowers receive independent counseling from a HUD approved agency. The counseling must happen at least 10 days before you sign any loan documents.