There are several requirements to maintain a reverse mortgage agreement. Aside from maintaining the home in a state of good repair, there are two additional stipulations:
- The home must be your principal residence
- You must stay up-to-date on all property charges such as property tax and homeowners insurance
This article is intended for general informational and educational purposes only, and should not be construed as financial or tax advice. For more information about whether a reverse mortgage may be right for you, you should consult an independent financial advisor. For tax advice, please consult a tax professional.