Reverse Mortgage Loan

If you're a kupuna who owns a home...

you can borrow against the equity you've built up to pay for repairs, pay off debt, and cover everyday living costs.

Keep living in the home that you love so much

As the cost of living rises in Maui County, HI, it's not unusual for older people to outlive their savings and find they have too little income to make ends meet. Maui County FCU's Reverse Mortgage is built for exactly this situation: it's a HUD-insured Home Equity Conversion Mortgage (HECM) for homeowners age 62 and older, where the credit union pays you using your home's equity as collateral, instead of you making monthly payments to it. It's a way to convert equity you've already built into income, without giving up the home you've lived in for years.

Maui County FCU pays you, not the other way around. No monthly mortgage payments are required, with your home serving as collateral.
No repayment is due until the last surviving borrower passes away, sells the home, or permanently moves out.
Unlike a Fixed Rate Mortgage, which has a set 10, 15, or 30-year term, a Reverse Mortgage has no fixed maturity date; it's tied to those life events instead.
Federally insured through HUD's Home Equity Conversion Mortgage (HECM) program, also known as a Government Insured Reverse Mortgage Loan.
Borrow against equity you've already built, if you're 62 or older and own your home, to pay for repairs, pay off debt, or cover everyday living costs.

Make your dream home a reality with Maui County Federal Credit Union's home loan options with competitive loan rates. Contact a member of our team today to get started, or apply online.

Reverse Mortgage FAQs

Is there a minimum home equity requirement or a maximum loan amount?

Maui County FCU partners with a third party for Reverse Mortgages and they would communicate terms including maximum loan amount based on equity and age.

What do I need to qualify?

Be age 62 or older.
Maintain and live in the home as your primary residence.
Continue to pay property-related charges, such as property taxes and homeowner's insurance.
Participate in a consumer information session presented by a U.S. Department of Housing and Urban Development-approved HECM counselor.
Meet Maui County FCU's credit and underwriting approval standards.

What if I fall behind on taxes or insurance?

Under the federal HECM program, you're required to keep property taxes and homeowner's insurance current and maintain the home in good repair. Falling behind on these can make the loan due immediately.

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