Seniors considering a reverse mortgage should keep in mind that windstorm insurance would be required, and the cost of such insurance may outweigh the benefits of the reverse mortgage.
Many seniors whose mortgage loans are paid off have dropped windstorm coverage because of the cost and have just kept basic homeowner’s coverage. I dropped my windstorm coverage when I found out it would cost over $12,000 a year with a $32,000 deductible!
I’ve lived in my home over 50 years and been through many hurricanes.
I prefer to “self insure” and spend the money saved on impact windows and other things to better protect my home. Just something to consider.
Ann Fisher, Coral Gables