Financing a Retirement Home on the Big Island: What to Know Before You Buy in Kona

Thinking about retiring in Hawaii and buying a home? Before you start looking at properties, there are some important financial questions you need to answer first.

In this video, Julie from 365 Hawaii Real Estate Minute sits down with Travis Green, a Hawaii mortgage professional, to talk about what retirees and people approaching retirement need to know when financing a home in Hawaii.

We cover:

• How early you should talk to a mortgage professional before moving to Hawaii• Using pensions, Social Security, annuities, IRA and 401(k) distributions to qualify for a mortgage• How “asset depletion” can potentially help retirees qualify without taking money out of their retirement accounts• Why buying a home in Hawaii can be different from buying on the mainland• What happens when your current employment income will end when you retire• The difference between buying a primary residence, second home or investment property• Hawaii property taxes and how they can vary depending on how a property is classified and used• Homeowners insurance considerations in Hawaii• HOA fees and other costs you need to factor into your retirement budget• Common mistakes people make when planning their Hawaii move

One of the biggest takeaways? Don't wait until you've found your dream Hawaii home to figure out how you're going to qualify for it. Having that conversation with a mortgage professional early can give you a much clearer picture of what you can realistically afford.

If you're dreaming about retiring on the Big Island, this is a conversation you will want to watch before you start shopping.

Thinking about retiring in Hawaii or buying a home on the Big Island? We’d love to help you understand the neighborhoods, lifestyle and real estate options here.

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Julie and Eric Ziemelis
808-333-1004
[email protected]
www.365HawaiiRE.com