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If I’m in the process of getting a reverse mortgage, can I request that money be set aside for my property taxes and insurance (Property Charges Set-Aside)?

April 26, 2017aside I’m Insurance money process property taxes request reverse mortgage

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If I’m in the process of getting a reverse mortgage, can I request that money be set aside for my property taxes and insurance (Property Charges Set-Aside)?

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Yes, one of our reverse mortgage specialists will be happy to create a property charges set-aside account for you. This account will set aside from each monthly payment one-twelfth of the annual amounts, as reasonably estimated by your loan servicer, for costs of property taxes and/or insurance and then make the payments for you automatically.