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A Reverse Mortgage is a special type of mortgage loan available to senior homeowners (62 years or older), that allows them to convert the equity accumulated in their primary residence into tax-free income (you are still required to pay property taxes and insurance) without having to sell the home, give up title to the home, or to take on a new monthly mortgage payment.
These mortgage loans are called Reverse Mortgages because the payment structure is "reversed" in comparison to regular mortgage loans. Instead of making monthly payments to the lender, the lender makes payments to the senior borrower. No payments are due on a reverse mortgage until the borrower(s) cease to occupy the home as a principal residence (when the last remaining spouse passes away, sells the home, or permanently moves out) or do not otherwise comply with the loan terms. You cannot lose your home under normal circumstances, but please understand foreclosure may occur if you do not pay your taxes and insurance and otherwise comply with the loan terms. The amount owed can never exceed the value of the home. If the home is sold for less than the amount owed on the loan, the lender cannot collect on the shortage amount. If however, the home is sold and the sales proceeds exceed the amount that is owed, the excess money from the sale goes to the borrower(s)' estate.
The funds from a reverse mortgage can be used for any purpose; paying of existing loans (required to close a reverse mortgage loan), home repair or renovation, daily living expenses, health care expenses, taking a vacation, paying property taxes, etc.
The maximum loan amount is computed based on 3 factors: (1) the age of the
borrower(s) and non-borrowing spouse (if applicable), (2) the property value, and (3) current interest rates. In general, the older the borrower, the higher the value of the home, and the less owed on the home, the more money available to the borrower.
Products And Features:
There are two reverse mortgage products available to Seniors through Central Pacific Bank. One is the FHA Home Equity Conversion Mortgage ("HECM"). The other is the HECM for Purchase, which allows a Senior to purchase a new principal residence and obtain a reverse mortgage in a single transaction. The following details relate to both reverse mortgage products.
For current rates, or more information on applying for a home loan, contact a Mortgage Loan Officer or call us at 808-356-4000.