Reverse Mortgage Requirements
Protecting the Consumer
The government has setup guidelines that all reverse mortgage lenders must follow. This that as long as you are using an approved lender and that your reverse mortgage is FHA insured, you will have consumer protections in place.
No Monthly Payments
Unlike most mortgages, you will not have a monthly payment as long as you are meeting the requirements of your loan.
- A minimum of (1) borrower must utilize the home as their primary residence
- Your property taxes must be kept current
- Adequate and current insurance on the home as well as HOA dues when necessary
- Routine maintenance to keep the home in good repair as to remain eligible for your homeowner’s insurance