Property Taxes and Insurance Requirements

The most critical ongoing requirement of a reverse mortgage is that you must continue to pay your property taxes, homeowners insurance, and HOA dues (if applicable). Failure to pay these property charges is a default trigger that can lead to foreclosure.

Maintaining the Property

You must also keep the home in good repair. A reverse mortgage is a loan secured by your home, and the lender requires the collateral to be maintained.

A reverse mortgage is a loan secured by the home. Borrowers remain responsible for taxes, insurance, property maintenance, and complying with loan terms.