Reverse Mortgage Homeowner Responsibilities

After obtaining a reverse mortgage, the homeowner is required to continue satisfying three conditions.  First, the property must always remain the primary residence for as long as the borrower wishes to have a reverse mortgage.  This means that the borrower must live at the property for the majority of each year, but the program does allow one to have extended periods of time away from home for various reasons.  Second, the homeowner must continue to pay the property taxes and homeowners insurance on time when due.  Recently, this has been a problem for many seniors across the country causing the reverse mortgage industry to re-examine the programs qualifying guidelines.  Some banks have already implemented new procedures to ensure that seniors will be able to afford these expenses before granting a reverse mortgage to them.  Lastly, the homeowner is required to keep the property in good condition for their own safety and FHA standards.  This means that repairs should be made for any item that could pose a potential hazard for anyone living or visiting the home.
To find out more about reverse mortgages, click on the following link:  www.reversemortgagebenefit.com