Yogi$
Contributor

I've paid off my Hawaii Mortgage.   can I open an escrow account to pay for Property Taxes, Home Owners Insurance, and Flood Insurance.  Hawaii mortgage includes monthly payments on principal & Interest and Property Tax and insurance.  It's spread out annually and semi- Annually via an escrow account with the lender.  Does USAA provide this kind of service?  Any information would be helpful.  I can afford to pay these bills but with a new escrow account would be an advantage for management of my property.  Any suggestions will be appreciated

2 REPLIES

Excellent questions @Yogi$, CONGRATULATIONS on paying off your mortgage :)! I was able to locate your profile and will engage a subject matter expert to review. Once reviewed they will contact you, they are currently out of office however will return tomorrow morning. We appreciate your patience in advance. -Emily 

Hello @Yogi$. A big CONGRATS is due for paying off your mortgage. USAA does not handle mortgage escrow accounts internally, we use a sub-servicer. Unfortunately, this is not a option they offer. It may be helpful to open an interest accruing banking account and regularly deposit funds until you need to make your yearly escrow payments. I would recommend speaking with a bank representative prior to doing so in order understand all stipulations. You can also check with your specific insurance and tax entities to verify if they can do an automatic withdraw of these funds when due. Hope this helps! ~MO