Reverse Mortgages & Balance

I found an interesting item on the “Retirement Visions” blog that relates to reverse mortgages.

This is an interesting post in the sense that the writer is not selling reverse mortgages and also is “not a financial planner, accountant, attorney, or mortgage banker.”

Imagine, thoughts about reverse mortgages from an actual human. What a concept.

As you might expect, Senior Citizens Should Investigate Reverse Mortgages gives a balanced view of what’s good about reverse mortgages – and what isn’t.

One interesting comment concerns the borrower’s obligations once a reverse mortgage has been taken out. The item says that:

“Your responsibilities regarding your house are the same as they were before you obtained the reverse mortgage. You must pay all taxes as they become due. You must keep the home in good repair, replacing the roof, water heater, or air conditioner as required for proper operation. You must maintain insurance to cover all required perils as determined by the mortgage holder.”

For more, hit the magic link above.

This entry was posted on Monday, July 23rd, 2007 at 1:01 am and is filed under Reverse Mortgage . You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.