Establishes a Kupuna Home Equity Conversion Mortgage Program for Hawaii homeowners aged 62 and older.
The bill establishes a Kupuna Home Equity Conversion Mortgage Program in Hawaii. This program allows homeowners aged 62 and older, referred to as "kupuna homeowners," to obtain a home equity conversion mortgage. The mortgage provides future payments based on accumulated equity. The program includes provisions for insurance, counseling, and disclosure requirements to protect kupuna homeowners. It also sets limits on origination fees and establishes consumer protections and underwriting standards.
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