Reverse Mortgage FAQ for Hawaii Seniors & Ohana

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1. What is a reverse mortgage in Hawaii?

A reverse mortgage (HECM) allows Hawaiʻi homeowners age 62+ to convert part of their home equity into tax-free funds, without giving up ownership or making monthly mortgage payments.

2. Do I still own my home with a reverse mortgage?

Yes. You remain on the title. Your home stays in your name as long as loan requirements are met.

3. Do I need to make monthly mortgage payments?

No. You do not make monthly payments.
You must continue to:

Live in the home
Maintain it
Pay taxes & insurance

Hawaiʻi kupuna sitting with their adult children in a local home, symbolizing aging in place and reverse mortgage options for Hawaiʻi seniors.

4. How do I receive my money?

You can choose:

Monthly payouts
Lump sum
Growing line of credit
A combination plan

Hawaiʻi seniors often choose the line of credit for long-term flexibility.

5. What can I use the money for?

Anything you choose:

Home repairs
Caregiving or medical needs
Utilities and daily expenses
Age-in-place upgrades
Helping ʻohana
Emergency funds

There are no restrictions.

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6. How old do I need to be to qualify?

You must be 62 or older.
If two people are applying, the youngest borrower must meet the age requirement.

Hawaiian multi-generational family smiling together at home, representing reverse mortgage guidance for Hawaiʻi seniors and ʻohana.

7. Can I qualify if I still have a mortgage?

Yes.
The reverse mortgage will first pay off your current mortgage, and any remaining funds go to you.

8. Do condos in Hawaiʻi qualify?

Many do. A condo may qualify if:

It’s on the FHA-approved list
OR it qualifies for a single-unit approval

Our tool checks this instantly.

9. Can leasehold properties qualify?

Some can — but it depends on the remaining lease term and HUD requirements.
Leaseholds are reviewed case-by-case in Hawaiʻi.

10. Do I need good credit or high income?

No.
Reverse mortgages do not require high credit scores or high income.
A basic financial assessment is done to ensure you can maintain taxes and insurance.

11. Are reverse mortgage funds tax-free?

Yes.
All reverse mortgage proceeds are tax-free, including monthly payouts and lump sums.

12. What protections do Hawaii homeowners have?

HECM loans are federally insured:

You never owe more than the home’s value
You keep ownership
Your spouse may have protections
Your estate keeps remaining equity

13. Will my children still inherit the home?

Yes.
Your ʻohana can:

Repay the loan and keep the home
Refinance
Sell the home and keep remaining equity

They never inherit debt.

14. What happens when the homeowner passes away?

The loan becomes due.
Your family decides:

Keep the home
Sell the home
Walk away if the loan exceeds value (non-recourse protection)

15. Can I lose my home?

Only if:

You stop paying taxes or insurance
You move out permanently
The home is not maintained

With normal upkeep, this is rare.

16. Why are reverse mortgages more common in Hawaiʻi?

Because Hawaiʻi has:

Higher property values
Higher living costs
More multigenerational households
Many kupuna aging in place

Many seniors qualify for more equity here than in other states.

17. Can a reverse mortgage help with aging in place in Hawaiʻi?

Yes.
Funds can be used for:

In-home caregiving
Safety upgrades
Medical expenses
Cooling/AC installation
Repairs and upkeep

This is one of the strongest benefits.

18. What if my home needs repairs?

Most Hawaiʻi homes qualify even with minor issues.
If safety repairs are needed, the loan may include a repair set-aside to help cover them.

19. Can I use a reverse mortgage to help my ʻohana?

Yes.
Many kupuna use their equity to support children, grandchildren, or multigenerational living arrangements.

20. What if I live part of the year with family?

As long as your home is your primary residence, you can still qualify.
This is common in Hawaiʻi’s multigenerational families.

21. How long does the process take?

Most Hawaiʻi reverse mortgages take 30–45 days, depending on property type and appraisal.

22. What is the first step?

Start with a free 60-second estimate.
You’ll instantly see:

If you qualify
How much equity you can access
Your payout options

23. Do I need counseling?

Yes.
All HECM borrowers complete a short HUD-approved counseling session to ensure clarity and understanding.

24. Can I talk to a local expert?

Yes.
You may speak with licensed mortgage professional Percy Ihara (NMLS #582944) — optional, never pressured.

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Services
HECM Reverse Mortgage
Single-Purpose Reverse Mortgage
Proprietary/ Jumbo Reverse Mortgage
Condo Reverse Mortgage
Leasehold Reverse Mortgage
Reverse Mortgage Calculator

CONTACT

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