Can I get new homeowner's insurance if I want a reverse mortgage?

After paying off my mortgage, I decided that I did not want to continue to pay for homeowner's insurance and discontinued my policy. I know that in order to have a reverse mortgage I need to have homeowner's insurance.. do I need to have an existing policy, or can I get a new homeowner's insurance policy in order to be approved??
Share |
American Advisors Group | Phil Scott
You're right to say that you must have a valid home insurance policy, but it is perfectly fine if this is a new policy. As long as you keep paying this home insurance, along with your property taxes and any necessary home maintenance bills, your reverse mortgage can continue for as long as you remain living in your home. I suggest you make a call to us to see if you qualify, and how much money could be available to you.

If you're looking for more information on reverse mortgages, why not request a copy of our informative DVD. It will answer a lot of your questions and give you greater insight into how reverse mortgages work. Click on the links provided and we'll post you a copy for free.

Disclaimer: The response above is not intended to be anything other than the educated opinion of the author. It should not be relied upon as financial advice. America Advisors Group recommends speaking directly with an AAG Reverse Mortgage Professional regarding your specific situation and needs. Please call 1 (800) 466-0572 to receive AAG's information pack with a FREE DVD and Brochure featuring Former Senator Fred Thompson.
Replied: 4/5/2011

Ask a FREE Reverse Mortgage Question

Ask Your Question

More Questions


Reverse Mortgage Professionals