As with any mortgage, you must meet your loan obligations, keeping current with property taxes, insurance, and maintenance.
Already have a reverse mortgage?
Keep in mind that you can also refinance an existing reverse mortgage. With interest rates at near-record lows, this is an important consideration. Refinancing a reverse mortgage is similar to refinancing a conventional mortgage — you’re looking for a financial benefit, which might include more favorable terms or a monthly payout that better fits your needs.