Aloha and Welcome to the Road Runner Interactive Webinar Chat Room!
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[Wed Jun 18 14:40:41 PDT 2008] Bank_Of_Hawaii hi ed
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[Wed Jun 18 14:50:03 PDT 2008] Ed mic is hot
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[Wed Jun 18 14:50:14 PDT 2008] Ed :)
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[Wed Jun 18 14:57:36 PDT 2008] mililani_joe test test test
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[Wed Jun 18 15:00:52 PDT 2008] mililani_joe Ready to go?
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[Wed Jun 18 15:03:28 PDT 2008] Ed mic sounds weird (echo-y)
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[Wed Jun 18 15:07:40 PDT 2008] mililani_joe What does the loan do to the value of the property?
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[Wed Jun 18 15:08:58 PDT 2008] Bank_Of_Hawaii The Reverse Mortgage does not affect the value of the property. We do do an appraisal as part of the process and we get the market value of your home at time of application.
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[Wed Jun 18 15:10:08 PDT 2008] Pukui Are "points" charged like a conventional mortgage loan, and if not, what are the evenue interests for the loan company or bank?
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[Wed Jun 18 15:11:52 PDT 2008] Bank_Of_Hawaii It depends on the reverse mortgage program that you choose. There are some products that do charge points and some that have a no-point option. On the no-point option, the interest rates are generally higher.
[Wed Jun 18 15:12:59 PDT 2008] Britt How does does this type of loan get paid off? Who pays for the loan?
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[Wed Jun 18 15:14:53 PDT 2008] Bank_Of_Hawaii When the borrower's either pass away or this is no longer their primary residence, the loan becomes due. The heirs have the option to refinance the loan into a traditional mortgage, or they have the option to sell the home, pay off the reverse mortgage, and if there are any proceeds left after the sale, the heirs get to keep. Keep in mind these are the same options that you'll have with any other traditional mortgage/home equity lien on the home.
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[Wed Jun 18 15:17:01 PDT 2008] vega59 What are the bad aspects of a reverse mortgage
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[Wed Jun 18 15:17:42 PDT 2008] Kaimuki_Karen Can I make capital improvements to the home while borrowing against it for a reverse mortage?
[Wed Jun 18 15:18:23 PDT 2008] vega59 Is there anyone in this chat room who can answer reverse mortgage questions?
[Wed Jun 18 15:18:48 PDT 2008] Bank_Of_Hawaii Sometimes people are worried about leaving their home for their kids. This is a negative amortization loan, and what that means is that if you chose not to make payments on the loan, the loan balance will increase throughout the years.
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[Wed Jun 18 15:19:36 PDT 2008] Bank_Of_Hawaii May I ask specifically what types of capital improvements you are speaking of?
[Wed Jun 18 15:20:01 PDT 2008] Kaimuki_Karen Like adding an extension or an extra floor.
[Wed Jun 18 15:20:13 PDT 2008] vega59 I will not be leaving our home to children. Is there any other bad aspects?
[Wed Jun 18 15:20:51 PDT 2008] Bank_Of_Hawaii Yes, you can add extensions and an extra floor. The only restriction that they have is that you can't tear down the entire home and rebuild.
[Wed Jun 18 15:21:49 PDT 2008] Kaimuki_Karen By adding improvements to the home, won't that increase the value of the home, thereby increasing the amount I can borrow?
[Wed Jun 18 15:21:55 PDT 2008] Bank_Of_Hawaii vega59 - amazing enough, this is an excellent product. The costs of the reverse mortgage are quite costly as well
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[Wed Jun 18 15:22:53 PDT 2008] Bank_Of_Hawaii Kaimuki Karen - your principal limit is determined at time of application. If you have any improvements after the loan has closed, and it has significantly increased the value of your home...you can look into refinancing the Reverse Mortgage with the new home value
[Wed Jun 18 15:23:20 PDT 2008] vega59 As I understand a reverse mortgage, we will not have to make any payments for the rest of our lives as long as we remain in the home. Are they Any Pitfalls???
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[Wed Jun 18 15:24:02 PDT 2008] Ed David Ishigo asks, "Can a commercial property (i.e., rental units) be used for Reversal Mortgages?"
[Wed Jun 18 15:24:24 PDT 2008] Bank_Of_Hawaii Vega59 - yes, with any reverse mortgage, there are no payments required as long as you live in the home. With this, like I mentioned earlier, causes your balance to increase throughout the years. Thus tapping more into the remianing equity of your home.
[Wed Jun 18 15:24:46 PDT 2008] Bank_Of_Hawaii Ed - no commercial or rental properties are eligible for a reverse mortgage.
[Wed Jun 18 15:24:49 PDT 2008] Ed Bill Peiler asks, "My question is I am currently residing on hawaiian homestead land in Nanakuli, can I qualify for a reverse mortgage plan?"
[Wed Jun 18 15:25:17 PDT 2008] Kaimuki_Karen Thank you very much!
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[Wed Jun 18 15:25:25 PDT 2008] vega59 Bofh: Can I contact via phone this afternoon? If so what is the number?
[Wed Jun 18 15:25:38 PDT 2008] Bank_Of_Hawaii Unfortunately, hawaiian homelands do not qualify. This is because it's considered leasehold and the proprty needs to be either fee simple, or leasehold with the fee available for purchase.
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[Wed Jun 18 15:26:21 PDT 2008] Bank_Of_Hawaii yes, you can contact me at 694-8533 or 694-8533
[Wed Jun 18 15:26:31 PDT 2008] Bank_Of_Hawaii sorry, office number is 694-8505
[Wed Jun 18 15:26:32 PDT 2008] Britany_ Does the home have to be paid off in order to borrow against it?
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[Wed Jun 18 15:27:17 PDT 2008] Bank_Of_Hawaii No, you can have an existing mortgage on the home. You just have to have enough equity in your home to qualify. Usually at least 50%.
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[Wed Jun 18 15:29:07 PDT 2008] vega59 We have been advised we need to put $13,000 in order to have sufficient equity. The only benefit we receive is we no long have to make payments. We are still trying to determine the Pitfalls we may encounter. Can you Help?
[Wed Jun 18 15:30:40 PDT 2008] Bank_Of_Hawaii Is your shortfall due to an existing mortgage balance that you have? Other "pitfalls" is only that the home is usually their "safety net" that they want to preserve as long as they can until they really need it.
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[Wed Jun 18 15:33:50 PDT 2008] vega59 Yes, it is due to the existing mortgage. We have had the counselling, but we are still very apprehensive about entering into a reverse mortgage. We are not concerned about a "safety net". Our goal in life is to have Zero assets after both of our deaths. We are just trying to eliminate mortgage payments Now. Do you see any other Pitfalls?
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[Wed Jun 18 15:35:39 PDT 2008] Bank_Of_Hawaii It really just depends on how comfortable you are with the product. Because this is a Fha loan, there are so many safeguards incorporated into the product in order to protect the borrower. The most common negative aspect is that you're using equity in the home and leaving less to the heirs.
[Wed Jun 18 15:36:09 PDT 2008] Bank_Of_Hawaii If you're just trying to eliminate mortgage payments, and not worried about using equity, this is an excellent product.
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[Wed Jun 18 15:39:53 PDT 2008] Bank_Of_Hawaii If anyone has any other questions, concerns or would like a no-obligation meeting...please call the Bank of Hawaii Reverse Mortgage Loan Center at 694-8505.
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[Wed Jun 18 15:40:37 PDT 2008] Bank_Of_Hawaii Individual loan officers email are as follows: christy.calabrese@boh.com; gale.lee@boh.com; wendy.oshiro@boh.com
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[Wed Jun 18 15:47:37 PDT 2008] vega59 Thank youi for your comments. I will contact you either by phone or email.
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