Reverse Mortgages are more costly to set up than other types of loans. Reverse mortgages are quite a bit different from other types of debt. Reverse mortgage borrowers continue to own their homes. Reverse Mortgages Tap Equity For Retirement The reverse mortgage industry has been plagued over the years by confusion, rife with reports of predatory lenders preying on the elderly. Reverse mortgage lenders may require repayment if you do not pay your property taxes, keep the home in good repair, have home owner's insurance on the property or if you rent out part of your home, add a new owner to the title of the property, the zoning of your home changes or you take out any new debt in which the home serves as collateral. Reverse mortgages have been around for years, but it wasn't until the early '90s that they began earning respectability after the Federal Housing Administration started insuring the mortgages for repayment to lenders.
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