A reverse mortgage is a kind of mortgage for people over 62 who have a lot of equity in their homes.
Your reverse mortgage does not require you to make payments until you die or move away, unlike a traditional mortgage.
Importantly, if you fail to pay your property taxes and insurance or maintain the property in good condition, your reverse mortgage will become due.
You will be put in foreclosure if your reverse mortgage is due and you do not have enough money to pay it off.
Even though you are not required to have flood insurance, you should strongly consider purchasing it to ensure that your reverse mortgage does not become due after a disaster and that your home can be fixed.
Your reverse mortgage will become due if your home is severely damaged and you do not have flood insurance.
You run the risk of losing your home to foreclosure if you cannot afford to pay it off.
