I live in a condotel in Hawaii and would like a reverse mortgage. Where to look?
I know that FHA does not prohibit reverse mortgages to condotel units so why are banks so reluctant? FHA basically guarantees the loan so what's the problem??
Aloha
While condotels are "tricky" these days with regard to financing (or re-financing), I agree with Frank. Best to speak with a lender or mortgage broker. In addition to BOH and First Hawaiian, there's American Savings Bank.
You'll find names & numbers for some people you can contact on my Resources page online
Have a great day.
Mahalo
Debra
Hi Cleonard,
I would check with a few mortgage brokers. They can recommend programs from local lenders such as BOH and First Hawaiian. It's best to check out both, through the local banks directly and from the mortgage brokers, having them with the local banks. The rates should be the same either way.
Send me an email or call and I can recommend a few local lenders. Most likely the loan to value ratio will be 65% or less, if the loan is possible.
Aloha,
Frank DIaz, MBA (RA)
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