Appraised Value and Tax Assesment

Your property taxes are based on the value of your home, and a new reverse mortgage appraisal might indicate that your home value has decreased due to outside conditions.

Appealing Your Tax Bill

Each year, your county tax collector assigns a value to your home based on the prices of sold homes in your neighborhood. You have the right to appeal to decrease that assessed value which, if granted, would reduce your property taxes.

Tax Assessment

If your reverse mortgage property appraisal shows that your property value has declined, you may use it as evidence in appealing the property's assessed value. Call your tax collector's office for instructions on how to appeal your tax assessment and reduce your property tax. The phone number is on the tax bill, where it says "How to appeal."

Save Money on Real Estate Taxes

Once you have a favorable reduction in the assessed value of your property, request a new tax bill and submit the bill to your reverse mortgage lender to make sure the lender pays the new amount rather than the original amount. You can take the savings to the bank!

Paying Real Estate Taxes

Real estate taxes are the responsibility of the reverse mortgage homeowner. If the homeowner does not pay the real estate taxes when due, the reverse mortgage lender may require the mortgage be repaid early.

Source:

Reverse Mortgage - A Mortgage that Pays You Back