Condo Reverse Mortgage in Hawaii
Learn how reverse mortgages work for Hawaiʻi condos. FHA approval, single-unit approvals, jumbo options, and an AI-powered condo eligibility check.
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Clear Condo Eligibility for Reverse Mortgages on Oʻahu, Maui, Kauaʻi & Big Island
This guide explains everything kupuna and ʻohana need to know about reverse mortgages for Hawaiʻi condos, including FHA approval, Single-Unit Approval, proprietary (jumbo) options, and how to quickly check if your condo qualifies.
Do Condos Qualify for a Reverse Mortgage in Hawaiʻi?
Yes — many Hawaiʻi condos qualify, but they must meet specific requirements based on the type of reverse mortgage:
HECM Reverse Mortgage (FHA-insured)
Requires the condo project to be:
- FHA-approved, or
- Qualified through Single-Unit Approval (SUA)
Jumbo / Proprietary Reverse Mortgage
Much more flexible:
- Does NOT require FHA approval
- Often accepts high-rise, older, or unique building types
This makes jumbo programs extremely popular for Hawaiʻi condos.
Single-Unit Approval (Condo Reverse Mortgage Without Full FHA Approval)
Perfect for Hawaiʻi Buildings Not on the FHA List
With SUA, an individual condo unit can be approved even when the entire building is not FHA-approved.
Your unit may qualify if:
- The association meets basic financial and insurance standards
- The building isn’t on FHA’s ineligible list
- The unit isn’t litigation-restricted
- Owner-occupancy ratios are acceptable
- The building meets general safety + maintenance requirements
SUA dramatically expands reverse mortgage access across Hawaiʻi.
FHA-Approved Condo List (HECM Requirement)
For a HECM reverse mortgage:
- Your entire condo association must appear on the FHA-approved condominium list, or
- You may qualify through Single-Unit Approval, available for individual units in non-approved complexes.
FHA approval is often the biggest hurdle — but many kupuna qualify through SUA without needing the entire building approved.
Condo Types That May Qualify in Hawaiʻi
- High-rise condos
- Mid-rise condos
- Low-rise buildings
- Senior housing condos (case-by-case)
- Townhome-style condos
- Condo conversions
- Some condotels (jumbo only)
- Leasehold condos (case-by-case)
Because Hawaiʻi real estate is unique, each situation requires a proper review — which your AI-powered tool can do in seconds.
Common Condo Challenges in Hawaiʻi (and How We Solve Them)
- Condo not on FHA list
Solution: Single-Unit Approval or Jumbo Reverse Mortgage - Mixed-use or commercial components
Solution: Jumbo programs accept more property types - HOA insurance not sufficient
Solution: On request, the association can provide updated documents - High-rise coastal buildings with older construction
Solution: Jumbo loans often allow these - Litigation or special assessments
Solution: Case-by-case review (common in Honolulu buildings)
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HECM Reverse Mortgage vs. Jumbo for Condos
| Feature | HECM (FHA-Insured) | Jumbo / Proprietary |
| Condo Approval | FHA or SUA required | Very flexible |
| Loan Limits | FHA caps | Much higher ($1M–$4M+) |
| Best For | Typical condos | High-value condos |
| Age Requirement | 62+ | 60–62+ depending on lender |
| Common In | Older/smaller condos | Kakaʻako, Waikīkī, Maui coast |
Jumbo reverse mortgages are especially strong options for:
- Waikīkī view units
- Kakaʻako modern condos
- Maui resort-area condos
- Kona oceanfront properties
Eligibility Requirements for Hawaiʻi Condo Reverse Mortgages
- Age 62+ (HECM) or 60+ (Jumbo programs)
- Primary residence
- Sufficient home equity
- Condo financial & insurance stability
- Building meets HUD or proprietary standards
- Your unit passes Single-Unit Approval (if needed)
Most well-maintained Hawaiʻi condos can be approved.
Optional Support From Percy Ihara
If you prefer personal support, you may speak with Hawaiʻi mortgage professional Percy Ihara for:
- Condo document review
- SUA evaluation
- Jumbo vs. HECM comparisons
- ʻOhana planning for condo inheritance
- Local insight into Hawaiʻi condo buildings
Always optional, always no pressure.
Get Your Personalized Hawaiʻi Reverse Mortgage Estimate
Clear, caring guidance — with local expertise and AI precision. See your options in under a minute.
- Accurate.
- Local.
- Kupuna-friendly.
FAQs: Condo Reverse Mortgage Hawaiʻi
1. Do all condos in Hawaiʻi qualify for a reverse mortgage?
Not all, but many condos in Hawaiʻi do qualify, especially through either FHA project approval, Single-Unit Approval, or Jumbo reverse mortgage programs. Even condos not on the FHA list may still qualify.
2. What is Single-Unit Approval (SUA)?
Single-Unit Approval allows individual condo units to qualify for a HECM reverse mortgage even when the entire building is not FHA-approved.
This option is very helpful in Hawaiʻi, where many older or mixed-use condo buildings are not on the FHA list.
3. What documents are needed to approve a condo for a reverse mortgage?
Typical documents include:
- Condo association insurance policy
- HOA budget & financials
- HOA questionnaire
- Building occupancy information
- Litigation and special assessment disclosures
If you use our AI checker, we guide you through this easily.
4. Can a condo qualify for a jumbo reverse mortgage without FHA approval?
Yes.
Jumbo reverse mortgages do not require FHA approval, making them a great fit for many Hawaiʻi condos — especially in Waikīkī, Kakaʻako, Kihei, Lahaina, and Kona.
5. Can I get a reverse mortgage on a leasehold condo in Hawaiʻi?
Possibly. Leasehold condos are reviewed case-by-case.
Eligibility depends on:
- Remaining lease term
- Lender requirements
- Property condition
- HOA rules
We evaluate this automatically during your estimate.
6. What will disqualify a condo from HECM approval?
A condo may not qualify for HECM if:
- The HOA has insufficient reserves
- The building has unresolved litigation
- Insurance coverage is inadequate
- The project fails certain HUD guidelines
Often, jumbo programs still allow these units.
7. Is it harder to get a reverse mortgage for a high-rise condo?
Not necessarily.
Many high-rise buildings in Honolulu qualify under:
- SUA (Single-Unit Approval)
- Jumbo / Proprietary programs
Higher-value units often qualify for larger loan amounts.
8. Does my condo association need to approve my reverse mortgage?
No — your HOA does not need to approve your loan.
They only need to supply documents (insurance, budget, etc.) when requested by the lender for eligibility verification.
9. Can a condotel or resort-style condo qualify?
Traditional HECM loans do not allow condotels, but many may qualify under jumbo reverse mortgage programs, depending on:
- Occupancy mix
- Zoning
- Association rules
This is common in Waikīkī, Kaanapali, and Kona.
10. What’s the fastest way to know if my condo qualifies?
Use our AI-powered condo eligibility tool, which checks:
- FHA approval
- Single-Unit Approval potential
- Condo financial requirements
- Jumbo program eligibility
- Local Hawaiʻi property factors
- Estimated loan amount and payout options
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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