BUILDING THE DREAM OF HOME OWNERSHIP
Manoa, Honolulu, HI Homes for Sale
E Manoa Rd/Alani Dr area median real estate price is $1,029,000, which is more expensive than nearly 95 percent of the neighborhoods in Hawaii and over 98 percent of the neighborhoods in America.
The average rental price in E Manoa Rd/Alani Dr area is currently $2,000 a month and rents here are currently lower in price than almost 52 percent of Hawaii neighborhoods. Most of the residential real estate is owner occupied.
In the E Manoa Rd/Alani Dr area the current vacancy rate is well under five percent, which is a lower rate of vacancies than 84 percent of all neighborhoods in the country. This means that the housing supply in E Manoa Rd/Alani Dr is very tight compared to the demand.
E Manoa Rd/Alani Dr area real estate is primarily made up of medium sized three or four bedroom and large four, five or more bedroom single-family homes and town homes. Many of the residences in the E Manoa Rd/Alani Dr neighborhood are older, well-established, built between 1940 and 1969, with a number of residences built between 1970 and 1999.
Many things matter about a neighborhood, but the first thing most people notice is the way a neighborhood looks and its particular character.
If you are planning to retire in Hawaii, this neighborhood should be on your must-see list. For many reasons, E Manoa Rd/Alani Dr area may be considered a retiree’s dream neighborhood. It’s peaceful and quiet, compared to other neighborhoods in Hawaii, while also offering a diverse range of housing options. This, along with the vibrant mix of very educated seniors and other age groups who choose to live here, makes this neighborhood one of the most desired retirees-friendly neighborhood than any in Hawaii.
Over the years, we’ve seen those celebrity ads touting reverse mortgages as a way to supplement a senior’s fixed income by tapping into the equity that has accrued in their home. But here’s another, less common use of reverse mortgages that these celebrities failed to mention in their commercials: buying a new home! And in some cases, seniors can still hold on to their old homes.
A reverse mortgage is a type of mortgage in which a homeowner can borrow money against the value of his or her home. No repayment of the mortgage (principal or interest) is required until the homeowner dies or the home is sold. Reverse mortgages aren’t for everyone. In fact, they were specifically designed for older Americans whose net worth was tied up in the homes they already owned, but if applied correctly, seniors can use a reverse mortgage to purchase a new home, while keeping their existing one.
In 2009, the Federal Housing Administration introduced a new product called the Home Equity Conversion Mortgage for Purchase, or HECM, which allows older Americans to buy a new home by putting a reverse mortgage on it. So far, the loan product hasn’t had much use, but it’s a tool worth learn more about.
From October 2013 through June 2014, more than 40,000 reverse mortgages were originated, according to the FHA, but only a little more than three percent of those were used to buy another home!
If you’re thinking about retiring in Hawaii or considering becoming a snowbird you might want to consider a Reverse Mortgage as your home finance, purchasing option, and worth exploring with your lender and financial planner. It’s a concept that just catching on with seniors who are age-eligible.
Home buyer requirements under reverse mortgage or HECM for Purchase include:
- The minimum age is 62 years old.
- Home buyers must be able to provide a substantial down payment. The reverse mortgage can cover an average 47 to 52 percent of the home’s purchase price, while the home buyers will have to come up with the rest, from retirement accounts, gift money or savings.
- The home must be the home buyer’s primary residence and must be able to pay the home’s property taxes, insurance premiums, homeowners association dues and any other ongoing property costs.
- The home buyer can’t have and delinquent federal debt.
A reverse mortgage has the power that allows for the purchase by older Americans to buy a house that better suits their needs without dumping all their retirement assets into it, which would be the case in an all-cash transaction. It also lets them avoid dipping into their monthly fixed income, which would occur if they took out a traditional mortgage. The reverse mortgage isn’t just a mortgage product. It’s a financial, cash-flow tool for retirees. It gives them more purchasing power if they don’t want to drain all their assets. It also gives them the luxury to get a better lot, to add all the upgrades you want and to still have no mortgage payment.
One drawback is that senior home buyers don’t gain equity through amortization in this home purchase. Rather than building it, the owner or the heirs get whatever is left in equity after paying off the reverse mortgage. In some cases, depending on the housing market, that may be nothing!
The pitfalls are the result of the benefit of having no payments, and as a result, you have a higher loan balance with the accrued compound interest, so it’s a trade-off.
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WHERE HOME OWNERSHIP HAPPENS IN MANOA, HONOLULU
Information posted on realtyuniversal.com by Wes McKibbon at The Home Buyer’s Korner are for educational purposes only. Every situation can be different and can be unique to a reader’s particular needs; do not consider anything you read on realtyuniversal.com as absolute or partial advice for your specific needs. Seek the advice of a qualified and suitable professional in your area for advice particular to your situation. The advice given may not produce the same results in your area and the information given here is not intended to cover all aspects of any given topic. Nathalie Mullinix REALTY UNIVERSAL, Inc., cannot be held responsible for the opinions and advice posted by Wes McKibbon at The Home Buyer’s Korner, nor can we or do we validate the accuracy. Wes McKibbon nor The Home Buyer’s Korner are a real estate brokerage, mortgage lender, general contractor, lawyer, accountant, appraiser, surveyor or any other licensed based profession, but are industry leaders and Wes is a highly respected retired FHA direct endorsement underwriter. If you have a specific question regarding any of these posts, you should seek advice from a licensed member of that particular profession. This page and all other pages posted by Wes McKibbon of The Home Buyer’s Korner are intended for educational purposes only including discussion, suggestions, ideas, etc., to better serve interested parties that have chosen independently to engage in active participation.
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