Hawaii is the second fastest growing state in the US for retirees, making the Reverse Mortgage more and more popular.  If you are over 62 and are interested in purchasing real estate in Kapolei or elsewhere on Oahu here are the things you need to know about a Reverse Mortgage:

• To qualify a borrower must be 62 years of age or older.
• The Borrower must live in the residence as his primary residence.
• There are no minimum income, asset or credit requirements.
• There are no monthly payments required for as long as the borrowers occupy the residence as their primary residence.
• The Funds can be taken as a lump sum, monthly payments, line of credit or a combination.
• There are no restrictions on how the funds are used.
• Loan proceeds are not considered income and will not affect Medicare or Social Security benefits.
• There are no prepayment penalties.
• Heirs may keep the home by paying off the balance on the reverse mortgage loan.
• All applicants are required by federal regulation to seek 3rd party financial counseling by an approved Department of Housing and Urban Development (HUD) organization.

For more information on Reverse Mortgages and real estate opportunities in Kapolei contact John Riggins today.

For more information about Kapolei Real Estate please contact John Riggins, Certified Distressed Property Expert.  Click here for access to the Oahu MLS and all available listings in the Kapolei area.

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