QUESTION
Who can advise me on Reverse Mortgage "what if" questions
Asked on Jun 30th, 2015 on Residential Real Estate - Virginia
More details to this question:
I am considering taking out a Reverse Mortgage insured by HUD. I can not get clear answers on specific questions regarding maintaining the property as it is now. What if Termites infest the property. What if a storm fells several trees on the property.
1 ANSWER
You continure to be responsible for maintaining the property the same as with any loan. The lender only loans you the money, they don't do any maintenance. You are also responsible for keeping the taxes and homeowners insurance paid. If you develop termites, the expense of treatment is yours. One risk of these loans is that if you use up all of your available funds, you are still required to pay the taxes, pay for the insurance, and do all necessary maintenance.
Answered on Jun 30th, 2015 at 12:35 PM