Bill > HR82

This resolution requests the Chairperson of the Hawaii Housing Finance and Development Corporation (HHFDC) to establish a task force to study the feasibility of an equity conversion mortgage program specifically designed for kupuna (Hawaiian term for elderly) homeowners. The resolution acknowledges that many kupuna face financial challenges, living on fixed incomes while managing increasing home ownership costs and medical expenses, and recognizes that home equity can be a valuable financial resource. The proposed task force would examine the proposed Kupuna Home Equity Conversion Mortgage Program, researching its implementation details, including eligibility requirements, consumer protections, housing transition processes, and cost limitations. The task force would consist of representatives from HHFDC, the Department of Commerce and Consumer Affairs, the Department of Human Services, and the Hawaii Public Housing Authority, with the potential to invite additional experts. The task force would be required to submit a comprehensive report with findings and recommendations, including potential legislation, to the Legislature by late 2025, with the ultimate goal of providing a financial tool that allows kupuna to access their home equity without selling their homes or taking on burdensome traditional loan payments.

Housing and Urban Affairs

https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=HR&billnumber=82&year=2025