Comments on: Reverse Mortgage In Atlanta Part Four

By: mack

mack — Tue, 23 Dec 2008 12:53:18 +0000

Hi Helen and welcome to the conversation. You are required to pay your homeowners insurance as well as the real estate taxes on the property. Remember that you can use the funds from your reverse mortgage any way that you desire, so if you want to use your reverse mortgage proceeds to pay the taxes and insurance you can. If you are unable to pay the taxes in any way the county tax agent can place a lien on the property and the property. At that point the normal procedures for properties with tax liens in your county would be followed.

By: helen zappala

helen zappala — Tue, 23 Dec 2008 03:41:38 +0000

Your articles on the reverse mortgage have been very helpful. One question. What would happen if you become unable to pay your real estate tax.

By: Barbara Klonga

Barbara Klonga — Mon, 22 Dec 2008 18:08:33 +0000

As someone else mentioned, so many financial planners and tax consultants just don’t understand how the reverse mortgage works. I’ve found that once they get all the facts, they feel very different about the mortgage and the benefits to Seniors.
I am grateful that you’re taking the time to educate
people. Many Seniors have lots of equity in their homes, they’re cash poor, and with no credit or income requirements could easily turn that equity into monthly income or a line of credit. No one who has worked hard their entire lives should have to worry about money in their later years. Thank you Mack