Mortgage Loans
Conventional and Reverse Mortgages
Reverse Mortgage Calculator

Reverse Mortgages in Honolulu

Serving the islands Oahu, Maui, Kauai and the Big Island of Hawaii
Reverse Mortgages can be used to purchase a home, pay off a mortgage, or for extra cash - lump sum or monthly. Here is a calculator for you to find how much money your home will get you. Contact Dawn Smith for more information. Call Today - (808) 591-1300.

We are committed to the Reverse Mortgage industry. We welcome you to look around our website. You will learn all about Reverse Mortgages and how they can benefit you or someone you love. One of the best parts of our website is our Reverse Mortgage calculator. You can use it free without submitting sensitive information like some other web sites.

What is a Reverse Mortgage?

A Reverse Mortgage is a federally insured program that allows seniors 62 years or older to access your home equity. There are no credit restrictions and you never have to make a monthly payment. The Reverse Mortgage is paid back when the borrower(s) pass away or move.

How do I start?

  1. Talk with me!  Contact Dawn Smith at now to find out if a reverse mortgage is right for you and if you qualify.
  2. We'll help you fill out the application At this time, we'll work together to help you choose the best type of reverse mortgage for your needs and determine how you'd like to receive the money from your new reverse mortgage - a line of credit, lump sum, monthly payments or a combination of those. Don't forget to consult your financial advisor.
  3. Counseling is required Because reverse mortgages are a big step for any homeowner, HUD (Department of Housing and Urban Development) requires that all applicants receive third-party counseling to explain all the available options and details. We'll provide a list of counselors for you to contact. The average counseling fee is $75-$125. Price will vary by office and location.
  4. Appraisal and Inspection An appraisal will need to be completed on your home in order to determine the market value, make sure it fits within government guidelines, and check for any repairs needed to the home. You might need a structural inspection as well. A fee will be assessed to cover the appraiser’s costs. Currently the appraisal is charged to your loan as a closing cost. If you apply for an appraisal, and then decide not to move forward with the loan and the appraisal has not yet been completed, not owe any appraisal fee. If however, an appraisal was completed on your property, you may still owe the appraiser for his/her services.
  5. Underwriting After we get all the documents we need from you, we’ll work behind the scenes and finalize all the details of the loan.
  6. Closing We’ll set everything up with all the final documents to sign. We couldn’t make closing any easier!
  7. Disbursement As with all home loans, the right of rescission period takes three business days. Any debts you'd like included are paid and you can feel secure knowing you'll never have to make a mortgage payment again.
  8. Repayment For the life of the loan, you do not ever make monthly mortgage payments to your lender. Reverse mortgages become due when the borrower(s) no longer occupies the home. If death of the borrower occurs, the heirs/estate may repay the loan from the sale of the home or refinance the home. It's really that easy!

© Dawn Smith