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legalgems
legalgems, Attorney
Category: FL Real Estate
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Do I need to have home insurance to get a reverse mortgage?

Customer Question

Do I need to have home insurance to get a reverse mortgage?
Submitted: 1 month ago.
Category: FL Real Estate
Expert:  legalgems replied 1 month ago.

Good Day!A few minutes please as I review your question so I can provide you with legal information. Thanks!

Expert:  legalgems replied 1 month ago.

Yes,

it is standard for the lender to require home insurance on any home loan, even a reverse mortgage.

the reason is that should something happen to the house (fire) then the lender will be entitled to the proceeds.

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Information provided is for educational purposes only. Consultation with a personal attorney is always recommended so your particular facts may be considered. Thank you and take care.

Expert:  legalgems replied 28 days ago.

Hello again; just checking in to see how things worked out;
if you have further questions please don't hesitate to reach out to me here on Just Answer.
Thanks!

Expert:  legalgems replied 28 days ago.

Hello again; just checking in to see how things worked out;
if you have further questions please don't hesitate to reach out to me here on Just Answer.
Thanks!

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