Compare Hawaii's Best Reverse Mortgages
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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)
|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|
Hawaii Reverse Mortgage Facts
|State||Homeowners Age 62+||Reverse Mortgages Closed Last 12 Months||Purchase Reverse Mortgages Closed Last 12 Months||Lenders in California||Avg. Home Value|
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 Name||Phone||Agency ID||Address||Languages||Website|
|COASTAL ENTERPRISES, INCORPORATED||207-504-5900||80985||30 Federal Street|
BRUNSWICK, Maine 04011-1510
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.
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