• Question
  • Who pays tax and insurance?

    Asked on 3/7/2010

    Who pays tax and insurance?
    Who pays for maintence, such as a roof?

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  • Categories: Costs, Reverse Mortgages

Answers

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  • 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.

  • Login to rate this answer:   Answered on 3/12/2010
**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.