The homeowner pays for property taxes, homeowners insurance, and home maintenance. A Reverse Mortgage works like a traditional Forward Mortgage you're used to in most ways ... the primary difference is the monthly mortgage obligation - you don't have to make any payments.
**All above answers are provided as general information only. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or CERTIFIED FINANCIAL PLANNER™ as to your unique financial situation.