Hawaii SB843 establishes a Kupuna Home Equity Conversion Mortgage Program to insure home equity conversion mortgages for homeowners aged 62 and older.

Hawaii SB843 amends Chapter 201H of the Hawaii Revised Statutes to create a Kupuna Home Equity Conversion Mortgage Program. This program allows the insurance of home equity conversion mortgages for homeowners aged 62 and older, referred to as "kupuna homeowners." The bill outlines eligibility requirements, including that the mortgage must be originated by an approved mortgagee and executed by a kupuna homeowner. It mandates counseling services and disclosures for mortgagors, ensuring they understand the financial implications and rights associated with these mortgages.

Hawaii SB843 establishes a Kupuna Home Equity Conversion Mortgage Program to insure home equity conversion mortgages for homeowners aged 62 and older.

Hawaii SB843 amends Chapter 201H of the Hawaii Revised Statutes to create a Kupuna Home Equity Conversion Mortgage Program. This program allows the insurance of home equity conversion mortgages for homeowners aged 62 and older, referred to as "kupuna homeowners." The bill outlines eligibility requirements, including that the mortgage must be originated by an approved mortgagee and executed by a kupuna homeowner. It mandates counseling services and disclosures for mortgagors, ensuring they understand the financial implications and rights associated with these mortgages.