Bill > HCR88

This joint 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 recognizes that many kupuna face financial challenges, including limited fixed incomes and increasing home ownership costs, and notes that an equity conversion mortgage (similar to a reverse mortgage) could help seniors access home equity without selling their property or taking on traditional monthly loan payments. The proposed task force would include representatives from various state agencies, such as the Department of Commerce and Consumer Affairs, Human Services, and the Hawaii Public Housing Authority, and would be tasked with examining the proposed Kupuna Home Equity Conversion Mortgage Program. The task force would research program requirements, establish eligibility criteria, develop consumer protections, explore housing transition processes, and set limits on costs and mortgage numbers. The group is requested to submit a comprehensive report with findings and potential legislation recommendations to the Legislature by late 2025, with the ultimate goal of providing housing security and financial relief for elderly Hawaii residents.

Housing and Urban Affairs

https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=HCR&billnumber=88&year=2025