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Compare Hawaii's Best Reverse Mortgages

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The minimum qualifying age for a reverse mortgage is 62. If you are within 6 months from your next birthday, I will automatically calculate you a year older.
Tip! Don’t forget to include your spouse’s age, even if they are not yet 62, as loan proceeds are always based on the age of the youngest spouse.
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 Hawaii Reverse Mortgage Lenders

Lender Name Years in Business Rating Stars (0-5.0) Positive Reviews Complaints BBB Reviews
Longbridge Financial, LLC 6 A+ 3.5 70% 2 Source
American Advisors Group (AAG) 14 A- 4.1 82% 53 Source
Reverse Mortgage Funding LLC 6 A+ 3.0 50% 8 Source
One Reverse Mortgage, LLC (QUICKEN)
11 A+ 3.0 50% 3 Source
Liberty Home Equity Solutions, Inc. (OCWEN) 15 A+ 2.1 42% 2 Source
Retirement Funding Solutions (RFS) 9 A+ (N/A) (N/A) 1 Source
Fairway Independent Mortgage 23 A+ 2.1 42% 21 Source
HighTech Lending Inc. 13 A- 2.0 60% 2 Source
Finance of America Reverse LLC (FAR) 15 A+ 1.0 20% 2 Source
*Source: Lender Ratings as of 04/12/2020

 

Hawaii Reverse Mortgage Facts

StateHomeowners Age 62+Reverse Mortgages Closed Last 12 MonthsPurchase Reverse Mortgages Closed Last 12 MonthsLenders in CaliforniaAvg. Home Value
Hawaii4,5973226$620,100

Hawaii Lending Limits

Hawaii is the 40th most populous state in the United States and is the 4th smallest in terms of land size. As of 2018, about 1,427,538 people resided in the state, with the highest population density in and around Honolulu. About 246,306 residents in the state are age 65 and older, and about 66% of people in the state are homeowners.

The state is situated in the Pacific Ocean, around 2,000 miles west of California, and is known for traditions including surfing, hula dancing, and flower garlands called leis. Hawaii became a U.S. territory in 1898 and was named the 50th state in 1959. It was the last state to join the United States. Hawaii is known as the Aloha State as “aloha” is a greeting that means both hello and goodbye.

The state comprises the world’s largest island chain and counts more than 100 islands in total—only seven of which are inhabited including Hawaii (“The Big Island”), Maui, Molokai, Lanai, Oahu, Kauai and Niihau. Made of volcanic material, the islands have active volcanoes that are one of the major attractions for visitors and tourists. Tourism is the leading industry in Hawaii and is a destination for its beautiful beaches and tropical climate.

The climate comprises various kinds of weather depending on location, but overall is tropical with mild temperatures year-round, moderate humidity and significant rainfall differences across the islands. Near the ocean, average rainfall is around 25 to 30 inches annually, though some areas receive as much as 15 times that amount and others receive as little as a third of that amount, according to the National Weather Service.

The median home value in Hawaii is $620,100 and prices are expected to rise 2% in the coming year. Given this average, many homes fall near or above the federal maximum reverse mortgage lending limit of $765,600 that applies to all HECM loans. For more borrowing power above the federal limit, there are jumbo reverse mortgage programs available.

 

Hawaii Approved Reverse Mortgage Counseling Agencies

Agency NamePhoneAgency IDAddressLanguagesWebsite
COASTAL ENTERPRISES, INCORPORATED207-504-59008098530 Federal Street
Suite 100
BRUNSWICK, Maine 04011-1510
English
Spanish
www.ceimaine.org

Did you know? Hawaii state does not mandate in-person counsleing. Visit our counseling page for a list of phone-based counseling agencies and conduct your required counseling from the comfort of your home.

Additional Resources:
Reversemortgage.org NRMLA Members in Hawaii: https://www.reversemortgage.org/Find-a-Lender/state/HI
HUD.GOV Approved Lenders Search: https://www.hud.gov/program_offices/housing/sfh/lender/lenderlist

Hawaii Reverse Mortgages
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