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For my reverse mortgage, I received an up-front payout. Can I still receive a property charges set-aside to help with my property taxes and insurance?

April 26, 2017Charges help payout Property property taxes received reverse mortgage set-aside up-front

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For my reverse mortgage, I received an up-front payout. Can I still receive a property charges set-aside to help with my property taxes and insurance?

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If you have withdrawn the maximum amount allowed on your reverse mortgage, you would have to return a portion of those funds in order for us to create a property charges set-aside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.