Average mortgage in hawaii7/24/2023 “Hawaii is an especially attractive state for retirees. We can now do business in all 50 states, helping more seniors live comfortably and confidently in the homes they love,” Peskin said in an announcement of the expansion. This is according to David Peskin, president of RMF. We found the right person in Percy, and we are proud to finally be licensed in all 50 states.” What this expansion meansįor RMF, the ability to now offer its products in all 50 states constitutes a major achievement that will only help to add to the visibility and availability of reverse mortgages, in addition to giving Hawaii homeowners additional options to tap into the equity they’ve built up over the years in their homes. “The plan has always been to enter Hawaii for broker and P/A business as soon as we were able to line up the personnel. ![]() “RMF has been buying closed loans from Hawaii for years,” O’Neil tells RMD. This newest development is the culmination of a lot of dedicated work that the company has planned for some time, according to Mark O’Neil, national sales leader for wholesale and correspondent at RMF. “Hawaii is also among the leaders in the percentage of 55-and-up adults who are in the workforce, meaning that for those seniors who still desire to work (or who still need to), opportunities are likely to be plentiful,” he says. and ranks first in the nation for life expectancy with an average age of 81.3.”Īdditionally, Hawaii is also home to an older workforce, a cohort which may be looking for options to age in place while potentially still working, Ihara explains. “Additionally, Hawaii has the most seniors per capita in the U.S. “The average single family home value in Hawaii is nearly $1 million and the median value of condominiums is around $445,000,” Ihara tells RMD. Several favorable factors will allow Hawaii to be a good fit for RMF and prompted this move according to Percy Ihara, a reverse mortgage specialist with the company who will be leading its newly-opened branch in Honolulu on the island of Oahu. Hawaii law requires a mortgage lender to have a physical presence in order to be approved for a mortgage license and offer such products to its residents.Ĭonsequently, the company has set up a physical location in the state in order to gain its new license, and will be able to offer the full suite of reverse mortgage products which are both proprietary, and those backed by the Federal Housing Administration (FHA). While the lender has been buying and servicing reverse mortgages in Hawaii for some time, this move gives RMF the ability to originate and underwrite its own loans within the state. On the wholesale and correspondent sides, RMF’s associated lending businesses are also now able to purchase loans within the state. Reverse Mortgage Funding (RMF) has expanded its Home Equity Conversion Mortgage (HECM) and proprietary reverse mortgage offerings into the state of Hawaii, a move which gives RMF the ability to serve customers in all 50 states across the country.
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