Reverse Mortgage Eligibility in Hawaiʻi
Learn Hawaiʻi reverse mortgage eligibility requirements for kupuna. See age rules, home qualifications, condo & leasehold guidelines, and how to check if you qualify.
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Reverse Mortgage Eligibility in Hawaii
This guide explains everything clearly so kupuna and their ʻohana can feel confident, informed, and supported.
A reverse mortgage (HECM) has simple requirements, and most Hawaiʻi homeowners are surprised to learn they already qualify.
1. Age Requirement
To qualify:
- You must be 62 or older
- If there are two borrowers, the youngest borrower must be 62+
If only one borrower is 62 or older, that person can still qualify as the “eligible borrower.”
2. Primary Residence Requirement
Your home must be your primary residence, meaning you live in it most of the year.
Eligible property types include:
- Single-family homes
- Townhomes
- FHA-approved condos
- Some non-FHA condos (case-by-case)
- Select leasehold properties (if meeting HECM terms)
Rental properties or second homes are not eligible.
3. Home Equity Requirement
You need enough equity to support the loan.
Most kupuna qualify because Hawaiʻi homes typically have higher-than-average values.
General guidelines:
- More equity = more available funds
- You may still qualify if you have an existing mortgage
- The reverse mortgage will first pay off your existing loan balance
Our AI estimator shows your approximate eligibility instantly.
4. Property Condition Requirements
Your home must meet HUD and FHA safety guidelines, which include:
- No major structural issues
- Safe electrical and plumbing
- No severe termite damage
- Roof in good condition
Most well-maintained Hawaiʻi homes pass without issues.
If repairs are needed, they can sometimes be covered as part of the loan.
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5. Financial Qualifications (Simple & Senior-Friendly)
Reverse mortgages do not require high income or perfect credit.
Instead, lenders review:
- Property taxes
- Insurance
- Basic household expenses
This is called a financial assessment, which ensures you can maintain the home comfortably.
Your AI estimate helps determine this quickly.
6. Condo Eligibility in Hawaiʻi
Many kupuna living in condominiums ask whether they qualify.
A condo may be eligible if:
- It’s on the FHA-approved list, or
- It can be reviewed for a single-unit approval
Condo eligibility is one of the most common questions — and our estimator checks it automatically.
7. Leasehold Property Eligibility
Some leasehold homes in Hawaiʻi can qualify if:
- The lease term extends beyond the loan period, and
- It meets HUD’s remaining years requirements
Because Hawaiʻi has unique leasehold situations, this is evaluated case-by-case.
8. Optional Guidance From a Local Expert
9. Fastest Way to Check Eligibility: Get a Free Estimate
Instead of guessing, you can instantly see:
- Whether you qualify
- How much you may receive
- Options for lump sum, monthly payouts, or a line of credit
- Projected remaining equity for your heirs
Get Your Personalized Hawaiʻi Reverse Mortgage Estimate
FAQs — Reverse Mortgage Eligibility (Hawaii)
1. What is the minimum age to qualify for a reverse mortgage in Hawaiʻi?
You must be 62 years or older. If two people are applying, the youngest borrower must be at least 62. A spouse under 62 may still be listed as a “non-borrowing spouse” and is protected under HECM rules.
2. Can I qualify if I still have a mortgage?
Yes. Many Hawaiʻi homeowners still qualify even with an existing mortgage. The reverse mortgage will first pay off your current loan, and the remaining equity becomes available to you.
3. Do condos in Hawaiʻi qualify for reverse mortgages?
Many do. A condo may qualify if:
- It’s on the FHA-approved condo list, or
- It receives a single-unit approval
Our AI eligibility tool checks condo status automatically.
4. Do leasehold properties qualify in Hawaiʻi?
Some leasehold homes can qualify, but only if the lease term meets HUD’s remaining-year requirements. Leaseholds are reviewed case-by-case because they’re unique in Hawaiʻi.
5. Do I need a certain income or credit score to be eligible?
No. Reverse mortgages do not require high income or perfect credit.
Lenders simply check that you can:
- Pay taxes
- Maintain insurance
- Keep the home in good condition
This is called a financial assessment, and most kupuna pass without issues.
6. Does my home need to be paid off to qualify?
No. Full ownership isn’t required.
You only need enough equity in your Hawaiʻi home for the reverse mortgage to work safely.
7. Can a reverse mortgage be used on a second home or rental property?
No. The home must be your primary residence.
However, reverse mortgages can still work for kupuna who live half the year with ʻohana, as long as the home is considered their main residence.
8. Can homeowners under 62 qualify?
Not as borrowers.
But homeowners under 62 may still qualify if:
- Their spouse is 62+
- They are listed as a non-borrowing spouse, which preserves protections
You can check this instantly using the AI eligibility tool.
9. What if my home needs repairs—can I still qualify?
Often, yes.
Many Hawaiʻi homes pass even with:
- Aging roofs
- Older plumbing
- Cosmetic issues
If safety repairs are required, they can sometimes be funded as part of the reverse mortgage.
10. How can I find out if I meet all the requirements?
The fastest way is to use our free, AI-powered tool. It checks:
- Age
- Home type
- Condos & leasehold eligibility
- Equity requirements
- FHA guidelines
You’ll know your eligibility in about 60 seconds.
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AI Reverse Mortgage Hawaii
Clear Reverse Mortgage Guidance for Hawaii Seniors
Percy Ihara
Reverse Mortgage Specialist
NML#: 582944
Phone: +1(808)234-3117
Email: percy@c2hawaii.com
Address: Pauahi Tower, 1003 Bishop St Suite 2700-42, Honolulu, HI 96813
Serving ALL Hawaiian Islands: Kauai, Oahu, Molokai, Lanai, Maui, and Big Island