How to Choose a Reputed Reverse Mortgage Lender???

If you are considering a reverse mortgage than you should also consider which reverse mortgage lender you must use. Not all lenders are the same and this applies to reverse mortgage lenders Hawaii as well.

Of course you want to get the lowest rate and the lowest closing costs. And you want to get the type of reverse mortgage that best suits your needs. You also want the loan to close quickly. There are several good choices available that service all of Hawaii. Many seniors in Hawaii have taken advantage of the opportunity to get a reverse mortgage to help keep them afloat financially.

Must Read : Reverse Mortgage as a Useful Retiree Tool

No matter what reverse mortgage lender in Hawaii that you choose you should know that reverse mortgages are fully regulated by the federal banking regulations.

CHOOSING A LENDER

A great place to start is with the bank you are currently banking with. You can easily get the information that you need from your local bank however do not be surprised if your bank does not offer this service. If your bank does not offer reverse mortgages then your next step is to look at lenders in Hawaii that specialize in reverse mortgages and are committed to offer award-winning customer service.

DIFFERENT THAN A HOME EQUITY LINE OF CREDIT (HELOC)

Most lenders offer home equity loans which is a different way to get money out of the equity in your home. A reverse mortgage is a loan that you borrow against the equity but do not have to pay back until you sell or until the last owner passes on. A home equity line of credit on the other hand requires a monthly payment.

SPEAK TO THE LENDER

Once you have narrowed down your choices speak to the different lenders to see what they have to offer. Ask what type of documents you will need and how long the process takes so that you can make an informed decision as to which lender is best for your needs.

A reverse mortgage is an ideal way to quickly raise funds and build a financial cushion for your retirement. Reverse mortgage lenders Hawaii can help you to realize your financial dreams!

For more information and for a free, no-obligation quote, contact Daniel Nicolosi at Harbor Financial Group – Your Aloha Mortgage Solution. You can reach him directly at (808) 945-3000 on Oahu; or Toll Free at 888-532-5642 on the Outer Islands.