Author: Dave Boike, Retirement Resources
Since reverse mortgages aren't designed for wealthy retirees, if your liquid assets are greater than the home's equity, a reverse mortgage is not right for you. And although maximum loans can vary from county to county, the amount cannot exceed $625,500. If you are eligible for a reverse mortgage, HUD does require you to pay your property taxes, ensure the home is in good condition, and maintain the proper homeowner's insurance. Failure to remain current in these areas could result in a default on the loan.
