Establishes a state-administered home equity conversion mortgage program for eligible retirees in Hawaii.

The bill establishes a kupuna home equity conversion mortgage program in Hawaii to help retirees with limited income meet increased homeownership costs. The program allows eligible retirees to convert home equity into cash, providing housing security and relief. It includes safeguards to prevent displacement, requires counseling for participants, and sets limits on origination fees. The program aims to prevent elder displacement and homelessness by offering a pathway to affordable rental housing for retirees who have exhausted their home equity.

Establishes a state-administered home equity conversion mortgage program for eligible retirees in Hawaii.

The bill establishes a kupuna home equity conversion mortgage program in Hawaii to help retirees with limited income meet increased homeownership costs. The program allows eligible retirees to convert home equity into cash, providing housing security and relief. It includes safeguards to prevent displacement, requires counseling for participants, and sets limits on origination fees. The program aims to prevent elder displacement and homelessness by offering a pathway to affordable rental housing for retirees who have exhausted their home equity.