QUESTION:

Paying taxes and insurance on reverse mortage home

Do I still pay home insurance and property taxes on our Reverse Mortgage home?
asked by bobjudtom, 1/20/2008
Categories: Reverse Mortgages
ANSWERS:
Answered by: space, 01/23/08
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Dear Bob,

Maintaining Taxes and Insurance is a requirement for the maintenance of a reverse mortgage. Since impounding these expenses in your reverse mortgage negatively affects the available proceeds from a reverse mortgage, most seniors choose to pay taxes and insurance separate from their mortgage payment.

Regards,
Steven Pace
The Pace Team

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