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What financial obligations do homeowners with a reverse mortgage have?
1 Min. read
Reverse mortgage borrowers are required to keep current with property taxes, homeowner’s insurance, and homeowner’s association fees, if applicable. They must also maintain the home to a standard that complies with HUD or the lender’s guidelines. Failure to meet these obligations can lead to foreclosure of the reverse mortgage.
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Chris Orzeske
Disclaimer
This article is intended for general informational and educational purposes only and should not be construed as financial or tax advice. For tax advice, please consult a tax professional. For more information about whether a reverse mortgage fits into your retirement strategy, you should consult your financial advisor.
