Because the reverse mortgage is secured by your home as collateral, you must meet certain requirements if you have one.
Quite, you should remain current on your property holders insurance payments and keep the home in decent shape.
If a flood causes significant damage to your home, you will need to make repairs as soon as possible or your reverse mortgage will become due.
Flood Insurance Coverage for Reverse Mortgages Due to their complexity, reverse mortgages are susceptible to fraud and dishonest lenders.
If you live in a federally designated flood zone and your home equity conversion mortgage (HECM).
Requires flood insurance from the National Flood Insurance Program (NFIP).
It is best to conduct thorough research to ensure that you have sufficient coverage.
