â€œAloha Mortgage Solutions is proud to announce the Launch of our REVERSE MORTGAGE HELP LINE as a New Service for Hawaii Seniors. We've long felt and identified a real need for such a service, which will serve Seniors on Oahu & all Islands," said Daniel Nicolosi
Online PR News – 27-March-2012 – Honolulu, Hawaii – â€œAloha Mortgage Solutions is proud to announce the Launch of our Reverse Mortgage HELP LINE as a New Service for Hawaii Seniors. We've long felt and identified a real need for such a service, which will serve Seniors on Oahu & all Islands," said Daniel Nicolosi.
Hawaii Reverse Mortgage Information:
How it Works and Removing the Mystery
Reverse Mortgages are gaining in popularity, but are still greatly misunderstood. This is unfortunate for the seniors that could truly benefit. Reverse Mortgages were designed to assist, not hurt seniors and are therefore 100% Federally regulated. The Department of Housing and Urban Development (HUD) and the Federal Housing Administration (FHA) have designed and regulate all Home Equity Conversion Mortgages (HECM). They have regulated closing costs, ownership/title rights, and interest rates to protect senior homeowners. These regulations apply to ALL lenders thereby protecting and allowing the senior homeowner to tap into the equity of their home without having to sell.
What is a Reverse Mortgage?
Simply put, a Reverse Mortgage is a unique, versatile loan that allows homeowners, age 62 and over to convert a portion of their home equity into tax-free* cashâ€”without having to sell their home, relinquish title, or ever make monthly mortgage payments. The loan becomes due when the last borrower permanently leaves the home.
Reverse Mortgage in Hawaii -vs- Home Equity Line of Credit (HELOC)
Another way to explain a Reverse Mortgage is that it is a lifetime mortgage, or rather what some refer to as an equity release. One is able to unlock, or â€˜releaseâ€™ equity, that up until the Reverse Mortgage, could only be obtained by either taking a Home Equity Line of Credit (HELOC) or by selling the home. The problem with the HELOC is that there are credit score and income requirements AND a monthly payment is required by the homeowner. Whereas with a Reverse Mortgage, credit score and income are not used in calculating eligibility. And there is no monthly mortgage payment required. Selling IS an option to a Reverse Mortgage for those who might want to downsize, or move closer to family; however, for most seniors, staying in safe, familiar surroundings is paramount.
The Reverse Mortgage can truly be a lifeline for those that are retiring on a fixed income, with an ever increasing cost of living.
This loan allows seniors to access a portion of their equity based on age and the appraised value of their home. There are four options for those who choose to access their equity:
- As a single lump sum,
- As a monthly payment FROM the bank,
- As an equity line checkbook you can draw on,
- Or a combination of the above.
How a Hawaii Reverse Mortgage Works:
How This Loan Can Assist Hawaii Seniors (over the age of 62)
There are a lot of myths about Reverse Mortgages that only a professional can dispel. Education, investigation and keeping an open mind are essential factors in the decision making process.
A Reverse Mortgage can aid in greatly reducing financial stress and burden, which are often times placed upon the children of Seniors, as well as other family members.
A Reverse Mortgage can allow Seniors the dignity of remaining in their own home, while remaining financially independent.
A Reverse Mortgage can truly make a positive difference.
Additional Reverse Mortgage benefits for Hawaii Seniors:
There are a number of ways a Reverse Mortgage can assist Seniors in Hawaii:
- Paying for more expensive prescription drugs,
- Paying the new taxes coming on medical devices,
- Home maintenance and repairsâ€”or even a remodeled kitchen
- There are no limits to how you can use YOUR proceeds!
A fixed income of pension and social security income may just not be enough to cover all these increasing expenses. So, with that in mind, a Reverse Mortgage can be a much needed solution for the average senior.
In closing, a Reverse Mortgage can ease financial hardships, free up equity locked in the home, and provide greater freedom.
Reverse Mortgage Help Line for Hawaii Seniors. Launched by Aloha Mortgage Solutions.
1-888-995-8895 (Outer Islands)
Hours 9:00 a.m. to 7:00 pm (Monday â€“ Saturday).
About [Aloha Mortgage Solutions]
Aloha Mortgage Solutions specializes in Reverse Mortgage Loans with over 20 years of experience in Hawaii's Mortgage Industry. Aloha Mortgage Solutions serves Senior Homeowner's on Oahu and All Islands. (CSA) Certified Senior Advisor.