• Reverse mortgages eliminate monthly payments.house image by Cora Reed from Fotolia.com
  
  

Reverse Mortgages are Safe

• According to Mortgage Fit, reverse mortgages are safe because the owner does not make monthly payments. This eliminates the possibility of his defaulting on the loan. The loan must be paid off by the homeowner's heirs upon his death.
  
  

Taxes and Insurance are Still Mandatory

• The homeowner does not have to make house payments on a reverse mortgage, but she still has to pay the insurance and property taxes, and she has to keep up with necessary repairs. According to Mortgage Fit, the lender can demand repayment if these terms are not met.
  
  

Bottom Line

• A reverse mortgage is safe in that the homeowner does not have to make house payments. However, he still needs to keep up with the maintenance as well as the taxes and insurance.