Local news channel KHON 2 ran a segment on how reverse mortgages are helping to improve the lives of seniors in Honolulu. As more baby boomers in Hawaii reach retirement age, they may find that their fixed income is not enough to take care of their lifestyle said KHON.
Rosanne Augustin, a local reverse mortgage consultant said there are some myths about reverse mortgages. For instance, you do not give up title to your home.
“You can never be forced to leave your home, you can use the funds to pay off your existing mortgage, that’s one of the big things right now. You can also use the funds to pay health care expenses, medical expenses,” said Augustin.
Or, you may want to use that cash to help your adult children purchase their own home – or help grandchildren with college tuition. But you may just need money to simply get by. “For a lot of people, social security, their fixed income is just not going to cut it. Real property taxes go up, gas prices go up so they use that to supplement whatever income they have right now,” said Augustin.
I wasn’t able to embed the video, so check out the link below for some positive local reverse mortgage coverage.