Answers about Reverse Mortgages
Who is responsible for upkeep on the home on a HECM?
It is important to remember that you are still the homeowner and continue to bear all the responsibilities of a homeowner. As the homeowner you are responsible for upkeep of the property, to make repairs, and to pay taxes and insurance.
In a reverse mortgage, there is currently no regulatory requirement for an escrow account. As the homeowner you will need to pay for repairs, taxes, and insurance. Failure to maintain the home, or pay property taxes or hazard insurance could result in foreclosure.