Do I need to have income to pay for a reverse mortgage?

During your initial financial assessment, one of our loan specialists will explain which homeowner expenses are not included in a reverse mortgage. For instance, your property taxes and home insurance are separate from your home loan, and home repairs and maintenance are also separate costs. However, the proceeds you receive from your home equity can help with home remodeling and repairs. The funds may even help you sustain a comfortable lifestyle so you don’t need to use your retirement savings early on in your retirement. Remember, your equity funds are tax-free!1

HECM reverse mortgages have options for borrowers who may have trouble with paying for homeowners insurance and property taxes. If you have any concerns, one of our licensed loan specialists can explain these options.

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