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What Are the Borrower’s Obligations on a HECM Reverse Mortgage?
What Are the Borrower’s Obligations on a HECM Reverse Mortgage?

While there is no loan repayment obligation on a HECM, the borrower is obliged to pay the property taxes, to keep adequate homeowners insurance in place, and to maintain the property. A borrower who has someone living with them who is not a party to the HECM contract, such as a spouse not yet 62, also has a moral obligation to that person. The obligation is to inform that person that they will have to vacate the house if the borrower dies or moves out of the house permanently,