No, reverse mortgages don’t require monthly payments. You can use the funds to pay for medical expenses without adding monthly payment stress to your budget. You’ll still be responsible for property taxes, homeowners insurance, and maintaining your home.
*The borrower must meet all loan obligations, including living in the property as the principal residence and paying property charges, including property taxes, fees, hazard insurance. The borrower must maintain the home. If the homeowner does not meet these loan obligations, then the loan will need to be repaid.
";