Getting help with my tax and insurance payments
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 reverse mortgage 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 as part of your reverse mortgage plan, we may be able to work with you to determine whether we can set aside some of your remaining available reverse mortgage funds to have your reverse mortgage loan servicer automatically pay your property charges, including your property tax and homeowners insurance. This is called a property charges set-aside. If you are not receiving a monthly payment, but instead have a line of credit, we can also work with you to determine if your property charges can be paid by your reverse mortgage loan servicer as a loan advance from your line of credit.
If you no longer have funds available from your reverse mortgage loan to pay property charges such as taxes and insurance
You are strongly encouraged to contact one of the HUD-approved housing counseling agencies listed below for a free counseling session. Your counselor will help you review your financial situation and work with your loan servicer so that you can repay your outstanding property charges. In addition, your counselor will be able to refer you to resources that might assist you in balancing your budget and retaining your home.
- National Council on Aging (800) 510-0301
- CredAbility (888) 395-2664
- Money Management International (866) 765-3328
- National Foundation for Credit Counseling (866) 363-2227
- Neighbor Works America (888) 990-4326
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 might I get help from my reverse mortgage loan servicer with my property
charges such as property tax and insurance payments?
Before we begin
Having the following information ready when you call one of our reverse mortgage loan servicing specialists 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:
9am-6pm ET Mon-Fri
To help you keep track of important deadlines and take notes during the call, please print out this form prior to calling.
Reverse Mortgage Home Loan Assistance Frequently Asked Questions
Yes, one of our reverse mortgage specialists will be happy to help you determine whether we can create a property charges set-aside for you. This will set aside one-twelfth of your estimated annual costs for taxes and insurance from the mortgage funds you receive each month. This money would then be used to pay your property tax and insurance bills automatically.
To see if you qualify for a property charges set-aside 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.