Here in Florida the homeowners insurance costs could eat up much of the reverse mortgage payouts.
Once you have a mortgage, you must maintain homeowners insurance coverage (whose price is not capped by law or contract).
>>Here in Florida the homeowners insurance costs could eat up much of the reverse mortgage payouts.
Yea, Florida is a mess in that regard - between escalating insurance (property, hurricane and now the required flood ins), new rules for HOA’s forcing any buildings over a certain height to drastically raise HOA fees to cover future maintenance needs, and the frequent (even if they don’t get more frequent) natural disasters, I have had to rule it out as a retirement destination - seems only the very rich and very poor will be able to live their - the rich can afford it, the poor have nothing to lose if their rental washes away.
Last thing I want to worry about in retirement is how much my HOA fees and insurance premiums are going to go up every year with no end in sight. Its too bad, the politics are decent, and the weather is more-often-than-not pretty darn nice.
And DeSantis could have done something about the middle class being driven to extinction by insurance companies, but instead, he’s cozied up to them.