Establishes a kupuna home equity conversion mortgage program in Hawaii.
The bill establishes a kupuna home equity conversion mortgage program to provide housing security for elderly homeowners. The program allows homeowners aged 62 and older to convert their home equity into cash, lines of credit, or other payment methods. The corporation can insure these mortgages, with limits on the number and benefits of insured mortgages. The bill mandates counseling for mortgagors, requires disclosures from mortgagees, and sets rules for mortgage originators.
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