Getting help with my tax and insurance payments
Our goal
Our goal is to help seniors who already have a reverse mortgage and are having trouble paying their property tax and homeowner’s insurance better manage those payments.
How it works
The type of assistance you may be eligible for depends on a number of factors, such as how much you have borrowed to date from your available funds and the type of disbursement program or programs that you may have selected so far.
If you receive a monthly payment, have a line of credit, or both
If you receive a monthly payment, have a line of credit, or both, we may be able to set-aside some of your remaining reverse mortgage funds to set-up an account to automatically pay your yearly property tax and homeowners insurance—similar to an escrow account that may have been set-up for you when you purchased this or another home. These are called tax and insurance set-aside accounts.
If you received a lump sum payment
Even if you received an up-front payment of the entire loan amount, we will look at your assets and work with you to explore other options.
If you are just concerned that you might fall behind or you are already behind on your reverse mortgage tax and insurance payments, call us at 1.866.863.5224.
How do I get help with my property tax and insurance payments?
Before we begin
Having the following information ready when you call will help us better assist you:
your most recent monthly reverse mortgage statements
your most recent insurance invoices and property tax bills
Let us help you
Call us today at:
1.866.863.5224
9am-6pm EST Mon-Fri
Call Information Sheet » Opens a New Window.
To help you keep track of important deadlines and take notes during the call, please print out this form prior to calling.
Home Loan Assistance Frequently Asked Questions
Yes, one of our reverse mortgage specialists will be happy to create a property charges set-aside account for you. This account will set aside from each monthly payment one-twelfth of the annual amounts, as reasonably estimated by your loan servicer, for costs of property taxes and/or insurance and then make the payments for you automatically.
To see if you qualify for a set-aside account, or to set one up, you simply need to call one of our reverse mortgage specialists at 1.866.863.5224.
If you have withdrawn the maximum amount allowed on your reverse mortgage, you would have to return a portion of those funds in order for us to create a property charges set-aside account. If you do not have funds available but your home value has increased, refinancing your reverse mortgage may be a way to finance the set-aside.
