A new bill introduced in Hawaii seeks to establish a state-administered Home Equity Conversion Mortgage (HECM) program aimed at helping older residents, known as kupuna, manage rising homeownership costs. This initiative is intended to provide a safety net against the threat of homelessness for those with limited retirement incomes. The program incorporates features similar to the federal HECM, requiring participants to be 62 or older, which could alleviate financial pressures tied to home maintenance and insurance costs, thereby securing housing stability for the elderly population in the state.
The bill aims to create a state-administered HECM program for older Hawaiians, assisting with homeownership challenges and preventing elder displacement.
With many kupuna in Hawaii facing increased homeownership costs, the proposed HECM program could provide essential housing security and help maintain their stability.
The kupuna HECM program would facilitate affordable housing solutions for retirees, ensuring they can rely on their home equity without the threat of homelessness.
The legislation includes provisions for approved lenders and requires borrowers to be at least 62 years old, mirroring existing programs under FHA.
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