Find Reverse Mortgage Specialists in Aiea, HI
Compare reverse mortgage specialists in Aiea. Review contact information and insurance categorys before you decide.
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State Mortgage Licensing Authority of Hawaii before hiring.
Showing 3 reverse mortgage specialists in Aiea, HI
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A reverse mortgage specialist in Aiea Hawaii helps homeowners age 62 and older convert home equity into cash. Hawaii law requires that borrowers receive counseling from a HUD approved agency before obtaining a reverse mortgage. Local specialists understand the unique property values and market conditions in Aiea and across Oahu.
What Does a Reverse Mortgage Specialist in Aiea Cost?
Typical costs for a reverse mortgage in Hawaii include an origination fee of up to 2 percent of the home value, a mortgage insurance premium of 2 percent of the appraised value, and third party fees such as appraisal and title search. For a home valued at 800,000 dollars, total closing costs might range from 12,000 to 20,000 dollars. Costs vary by lender and loan type. This is general information and not mortgage or financial advice.
* Cost estimates are general ranges based on publicly available data and compiled using automated research tools. Actual fees vary by agent and case complexity. This is not mortgage or financial advice — consult directly with an agent for fee specifics.
Frequently Asked Questions
What is a reverse mortgage specialist in Aiea Hawaii?
A reverse mortgage specialist is a licensed professional who guides homeowners through the reverse mortgage process. They explain loan options, costs, and eligibility based on Hawaii specific rules and property values.
What are the Hawaii specific requirements for a reverse mortgage?
In Hawaii, borrowers must complete a counseling session with a HUD approved agency. The loan amount depends on the appraised value of the home, which is often higher in Aiea than in many mainland areas.
How long does the reverse mortgage process take in Hawaii?
The process typically takes 30 to 60 days from application to closing. This includes the mandatory counseling session, appraisal, and underwriting. Delays can occur if the property has unique features or ownership issues.