Texas Cash Back Real Estate
Jill Aylwin - Real Estate Broker, Realtor, MBA
Ph: (281) 334-CASH
Living With Your Reverse Mortgage
Although there are differences between Fannie Mae's Home Keeper® mortgage, Fannie Mae's Home Keeper® for Home Purchase mortgage, and the Home Equity Conversion Mortgage (HECM) insured by the Federal Housing Administration (FHA) of the U.S. Department of Housing and Urban Development (HUD), day-to-day life with these mortgages is very similar.
For example, your responsibilities and requirements once you get a reverse mortgage include the following:
Paying property taxes and maintaining homeowner's insurance: You must ensure that your property taxes are paid and that hazard insurance coverage is in place in accordance with the terms of your loan. You may have the option of having your lender automatically make these payments as long as loan funds are available, or you may pay them yourself.
Maintaining your residency: If you fail to occupy the property as your principal residence for an extended period of time, your loan can become due.
Maintaining your property: Your reverse mortgage requires you to ensure that you maintain your property in good condition. If there is any significant deterioration in the condition of your property, you must make any necessary repairs.
Home Keeper is a registered trademark of Fannie Mae.
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