Reverse Mortgage Details Index
As noted on the Basics index, Reverse Mortgages are very simple. But, like many things, it is all in the details. Here are the Details.
A number of different residential properties types are acceptable. Commercial property is not allowed.
There are different implications of a spouse or domestic partner not being on the reverse mortgage. There are also specific steps that are required for the HECM counseling of the borrower.
Title can be held in a variety of ways including trusts and life estates when you have a reverse mortgage.
Like all homes with a mortgage, homeowner's insurance is required. If you are in a flood zone, flood insurance will be required.
You will need to stay current with your property taxes. If your state/county/township has a program for deferred property taxes, that may be allowed.
With caution, those on Medicaid may do a Reverse Mortgage.
It is possible to have loans other than the Reverse Mortgage on a property but unusual.
Using a Power of Attorney or Conservatorship with a reverse mortgage can be tricky.
Since reverse mortgage borrowers don't have to make payments, foreclosure rarely comes into play. Here is some anecdotal information about that.
There are occasions when a foreclosure is used with a reverse mortgage
There are times when a reverse mortgage could prevent foreclosure of a regular mortgage.