HOUSE OF REPRESENTATIVES H.C.R. NO. 88 THIRTY-THIRD LEGISLATURE, 2025 STATE OF HAWAII HOUSE CONCURRENT RESOLUTION Requesting the chairperson of the board of directors of the hawaii housing finance and development corporation to establish a task force to study the feasibility of an equity conversion mortgage program for kupuna homeowners.
HOUSE OF REPRESENTATIVES H.C.R. NO. 88
THIRTY-THIRD LEGISLATURE, 2025
STATE OF HAWAII
HOUSE OF REPRESENTATIVES
H.C.R. NO.
88
THIRTY-THIRD LEGISLATURE, 2025
STATE OF HAWAII
HOUSE CONCURRENT
RESOLUTION
Requesting the chairperson of the board of directors of the hawaii housing finance and development corporation to establish a task force to study the feasibility of an equity conversion mortgage program for kupuna homeowners.
WHEREAS, many kupuna in the State face a resource gap where they live on limited fixed incomes while carrying significant medical bills, increasing costs of home ownership, such as maintenance fees and insurance, or other expenses; and WHEREAS, many kupuna own a home, which commonly is the most significant and valuable financial asset owned by Americans; and WHEREAS, equity conversion mortgages play a crucial role in helping kupuna to bridge the resource gap by allowing kupuna to tap into their home equity in order to supplement their income, pay off debt, and repair or otherwise modify homes to accommodate physical disabilities; and WHEREAS, unlike other options, an equity conversion mortgage allows kupuna to access the equity in the home without selling and moving from the home or taking on a traditional loan with a monthly payment obligation that may not be affordable on a limited retirement income; and WHEREAS, one of the more significant equity conversion mortgage programs is the Federal Housing Administration's Home Equity Conversion Mortgage Program, under which the Federal Housing Administration guarantees reverse mortgages; and WHEREAS, the establishment of a state equity conversion mortgage loan program could provide housing security and relief for some kupuna; now, therefore, BE IT RESOLVED by the House of Representatives of the Thirty-third Legislature of the State of Hawaii, Regular Session of 2025, the Senate concurring, that the Chairperson of the Board of Directors of the Hawaii Housing Finance and Development Corporation is requested to establish a task force to study the feasibility of an equity conversion mortgage program for kupuna homeowners; and BE IT FURTHER RESOLVED that the task force is requested to examine, as part of the study, the Kupuna Home Equity Conversion Mortgage Program as proposed in House Bill No. 1306, Regular Session of 2025, and research the requirements, parameters, and necessary details for implementing the Kupuna Home Equity Conversion Mortgage Program, including eligibility requirements, strong consumer protections, the process for housing transitions once home equities are exhausted, and limits on costs and mortgage numbers; and BE IT FURTHER RESOLVED that the task force is requested to consist of the following members: (1) The Chairperson of the Board of Directors of the Hawaii Housing Finance and Development Corporation, or the Chairperson's designee, who is requested to serve as the chairperson of the task force; (2) The Director of Commerce and Consumer Affairs, or the Director's designee; (3) The Director of Human Services, or the Director's designee; and (4) The Executive Director of the Hawaii Public Housing Authority, or the Executive Director's designee; and BE IT FURTHER RESOLVED that the Chairperson of the Board of Directors of the Hawaii Housing Finance and Development Corporation may invite other individuals with relevant knowledge or experience to be members of the task force; and BE IT FURTHER RESOLVED that the task force is requested to submit a report of its findings and recommendations, including any proposed legislation, to the Legislature no later than twenty days prior to the convening of the Regular Session of 2026; and BE IT FURTHER RESOLVED that certified copies of this Concurrent Resolution be transmitted to the Director of Commerce and Consumer Affairs; Director of Human Services; Executive Director of the Hawaii Housing Finance and Development Corporation; Chairperson of the Board of Directors of the Hawaii Housing Finance and Development Corporation; and Executive Director of the Hawaii Public Housing Authority. OFFERED BY: _____________________________
WHEREAS, many kupuna in the State face a resource gap where they live on limited fixed incomes while carrying significant medical bills, increasing costs of home ownership, such as maintenance fees and insurance, or other expenses; and
WHEREAS, many kupuna own a home, which commonly is the most significant and valuable financial asset owned by Americans; and
WHEREAS, equity conversion mortgages play a crucial role in helping kupuna to bridge the resource gap by allowing kupuna to tap into their home equity in order to supplement their income, pay off debt, and repair or otherwise modify homes to accommodate physical disabilities; and
WHEREAS, unlike other options, an equity conversion mortgage allows kupuna to access the equity in the home without selling and moving from the home or taking on a traditional loan with a monthly payment obligation that may not be affordable on a limited retirement income; and
WHEREAS, one of the more significant equity conversion mortgage programs is the Federal Housing Administration's Home Equity Conversion Mortgage Program, under which the Federal Housing Administration guarantees reverse mortgages; and
WHEREAS, the establishment of a state equity conversion mortgage loan program could provide housing security and relief for some kupuna; now, therefore,
BE IT RESOLVED by the House of Representatives of the Thirty-third Legislature of the State of Hawaii, Regular Session of 2025, the Senate concurring, that the Chairperson of the Board of Directors of the Hawaii Housing Finance and Development Corporation is requested to establish a task force to study the feasibility of an equity conversion mortgage program for kupuna homeowners; and
BE IT FURTHER RESOLVED that the task force is requested to examine, as part of the study, the Kupuna Home Equity Conversion Mortgage Program as proposed in House Bill No. 1306, Regular Session of 2025, and research the requirements, parameters, and necessary details for implementing the Kupuna Home Equity Conversion Mortgage Program, including eligibility requirements, strong consumer protections, the process for housing transitions once home equities are exhausted, and limits on costs and mortgage numbers; and
BE IT FURTHER RESOLVED that the task force is requested to consist of the following members:
(1) The Chairperson of the Board of Directors of the Hawaii Housing Finance and Development Corporation, or the Chairperson's designee, who is requested to serve as the chairperson of the task force;
(2) The Director of Commerce and Consumer Affairs, or the Director's designee;
(3) The Director of Human Services, or the Director's designee; and
(4) The Executive Director of the Hawaii Public Housing Authority, or the Executive Director's designee; and
BE IT FURTHER RESOLVED that the Chairperson of the Board of Directors of the Hawaii Housing Finance and Development Corporation may invite other individuals with relevant knowledge or experience to be members of the task force; and
BE IT FURTHER RESOLVED that the task force is requested to submit a report of its findings and recommendations, including any proposed legislation, to the Legislature no later than twenty days prior to the convening of the Regular Session of 2026; and
BE IT FURTHER RESOLVED that certified copies of this Concurrent Resolution be transmitted to the Director of Commerce and Consumer Affairs; Director of Human Services; Executive Director of the Hawaii Housing Finance and Development Corporation; Chairperson of the Board of Directors of the Hawaii Housing Finance and Development Corporation; and Executive Director of the Hawaii Public Housing Authority.
OFFERED BY: _____________________________
OFFERED BY:
_____________________________
Report Title: HHFDC; Kupuna; Equity Conversion Mortgage Program
Report Title:
HHFDC; Kupuna; Equity Conversion Mortgage Program