Videos
Understanding Your Responsibilities as a Reverse Mortgage Homeowner
Reverse mortgage borrowers keep ownership of the home, but they also keep important responsibilities after closing.
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A reverse mortgage does not remove the homeowner's responsibilities. Borrowers must continue living in the home as their principal residence, keep the home in reasonable condition, and pay required property charges.
Property taxes, homeowners insurance, and applicable HOA fees are still the homeowner's responsibility. Missing these obligations can create serious issues for the loan.
Understanding these responsibilities before closing helps families make a better long-term decision.